U.S. House Advances Crypto Market Structure Bill With 47-6 Vote

The House Agriculture Committee made a significant move on Tuesday by advancing the U.S. crypto market structure bill with a bipartisan vote of 47-6. This development marks the beginning of several anticipated legislative actions related to digital assets expected this week. Concurrently, the House Financial Services Committee was finalizing details on a bill to establish oversight for digital assets markets, while the Senate was preparing for a final vote on legislation to regulate stablecoin issuers.

The Digital Asset Market Clarity Act, the focus of this year's efforts to establish a framework for crypto trading in the U.S., underwent special hearings known as markups. These hearings allowed congressional panels to consider amendments and finalize the legislation before sending it to the chamber floor. The Agriculture Committee was the first to complete its markup, with the Financial Services Committee following closely behind.

Chairman Glenn "GT" Thompson of the Agriculture Committee emphasized that the Clarity Act aims to provide clarity to market participants, address regulatory gaps at the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), and enhance customer protections in digital asset activities. Representative Angie Craig, the ranking Democrat on the panel, acknowledged that the bill is not perfect but highlighted the need for consumer protections as cryptocurrency usage continues to grow.

The House bill delineates the jurisdictional boundaries between the CFTC and the SEC, assigning a leading role to the CFTC in overseeing digital commodities, which constitute the majority of crypto activities. The two committees, each responsible for different aspects of the crypto market, will need to harmonize their amendments to create a unified legislative package for the House to consider.

Congressional staffers indicated that the successful markups from each committee would be combined into a single committee report for broader House consideration. The legislation has undergone continuous revisions up to the markups, with Republicans aiming to maintain bipartisan support to influence the Senate's reception of the bill. However, Democrats in the House Financial Services Committee were still addressing concerns about the bill as late as Monday.

Representative David Scott, a Democrat serving on both committees, expressed dissatisfaction with the bill, arguing that it allows crypto firms to evade proper oversight and ignore investor protections. He also criticized the bill for not adequately funding the CFTC, stating that the regulator is not designed to oversee retail-facing investment products. Scott described the bill as a "gift to the worst actors in this industry."

Concerns were also raised about the legislation not directly preventing senior government officials, including President Donald Trump, from personally benefiting from crypto business interests. Representative Maxine Waters, the top Democrat on the House Financial Services Committee, introduced an amendment to the HUD Transparency Act of 2025 to investigate potential crypto or stablecoin evaluations by the Department of Housing and Urban Development (HUD).

While the House progresses with the Clarity Act, the Senate is nearing a final vote on the Guiding and Establishing National Innovation for U.S. Stablecoins of 2025 (GENIUS) Act. This legislation aims to establish guardrails for the issuance of U.S. stablecoins, which are dollar-based tokens crucial to a significant portion of crypto trading. Senate Majority Leader John Thune made a procedural move on Monday to advance the stablecoin legislation to a final vote, with industry insiders anticipating a vote as early as Wednesday.

Senator Bill Hagerty, the sponsor of the GENIUS Act, noted the tight window for adoption this year due to the Senate's crowded agenda. The legislation was on the Senate's floor agenda for Tuesday, with an amendment deadline set for 2:30 p.m. If the GENIUS Act passes the Senate, it will move to the House, where a similar stablecoin bill is already awaiting further action. Lawmakers will then decide whether to include the stablecoin matter alongside the market structure bill as a single package or to pursue other strategies.