Lawmakers Aim to Amend GENIUS Act in Crypto Market Structure Efforts

U.S. lawmakers are working on refining regulations for stablecoins and digital assets:

The Digital Asset Market Clarity Act is being revised, with aims to refine existing stablecoin legislation.
The GENIUS Act is a key achievement for crypto regulation, and federal regulators are starting its implementation.
The House passed the Clarity Act this year, which includes changes to the GENIUS Act, such as:
- Holding CEOs and CFOs accountable for accurate financial disclosures with annual audits.
- Prohibiting non-financial companies from entering the stablecoin sector.
- Ensuring U.S. investors can use wallets for legal custody of digital assets and peer-to-peer transactions.

Senator Cynthia Lummis expects the Senate's market structure bill to incorporate some of the House's amendments to the GENIUS Act.

The Senate Banking Committee has released a draft of their bill. Some senators aim to finalize it by month-end, though concerns about its readiness remain.

The target for enacting the market structure law is by the end of the year, according to Senator Lummis and administration advisors.