House Agriculture Committee Advances Crypto Market Structure Bill with Bipartisan Support

The House Agriculture Committee advanced the U.S. crypto market structure bill with a vote of 47-6, signaling significant progress in digital assets legislation. Concurrently, the House Financial Services Committee is finalizing details on oversight for digital asset markets, while the Senate prepares to vote on regulations for stablecoin issuers.

The Digital Asset Market Clarity Act aims to clarify the regulatory framework for digital assets, establishing the Commodity Futures Trading Commission (CFTC) as the primary regulator for trading digital commodities. Key points include:

Clarification of jurisdiction between the CFTC and Securities and Exchange Commission (SEC)
Increased consumer protections for cryptocurrency users
Concerns from some Democrats about lack of oversight and investor protections

Representative David Scott criticized the bill for allowing crypto firms to avoid proper oversight. Meanwhile, Maxine Waters raised issues regarding potential conflicts of interest involving government officials benefiting from cryptocurrency activities.

GENIUS Act

The Senate is set to vote on the Guiding and Establishing National Innovation for U.S. Stablecoins of 2025 (GENIUS) Act, which aims to regulate the issuance of stablecoins. Majority Leader John Thune's procedural move suggests a vote may occur soon, potentially as early as Wednesday. Key aspects include:

Limiting amendments before the final vote
Bipartisan support as the bill progresses through the Senate
Plans for consideration of the stablecoin legislation alongside the market structure bill in the House

If passed, the GENIUS Act will join a similar stablecoin bill already in the House for further deliberation.