House Republicans unveiled a draft discussion on the market structure bill, but everyone was in the Senate this week, where bipartisan efforts have largely worked to advance legislation that stabilizes legislation.
PS: I will get a consensus in Toronto next week. In town? Come and say hello.
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Narrative
Stablecoin and market structure bills are two big things about cryptocurrencies, and Congress is expected to contact President Donald Trump’s desk this year. Crypto and AI Czar David Sacks press conference with chairs of the House and Senate committees. Everyone has a tough deadline for “before August break.”
Why it matters
In both bills, stable legislation should be easier to improve. It focuses only on part of the cryptocurrency space, and the Market Structure Act will define a larger part of the industry’s operations and be overseen by federal regulators. Until more than a week ago, Stablecoin Bill had very few problems. Now – although it is still expected to become law, the timing of its passage is far from certain.
break down
The first thing is the first thing: No one has spoken to this week, and the Senate’s Stablecoin Act (which guided and established the U.S. Stablecoins (Genius) Act) is dead. According to multiple familiar situations, lawmakers have returned to the negotiations Thursday’s vote failedlawmakers can vote again next week – maybe even Monday.
Thursday’s vote failed after Democrats Alerts were issued last weekend Some provisions surrounding national security, soundness and accountability of the financial system, but Republicans argue Continuous stable use requires quick access. U.S. President Donald Trump profits from Stablecoins and also raises a wake-up call for lawmakers, Senators introduce Multiple bills This will prevent the president from issuing financial assets, including the End of Crypto Corruption Act, which will prevent all members of Congress, the president, vice president, other executive officials and their families from engaging in “Issuing, accrediting or sponsoring crypto assets. ”
On Wednesday, one person told Coindesk that it seems that a deal might be in place so that Democrats can vote on the Final Crypto Corruption Act, either an amendment to the Genius Act or a prior procedural vote on the Genius Act itself.
Ultimately, this didn’t happen, with lawmakers directly voting what was called Cloture on Thursday. It dropped 48-49.
The vote also did not fail on party boundaries: Although no Democrats voted for the bill, Republicans Josh Hawley and Rand Paul Joined 46 Democrats to vote on the motion (Ministry Leader John Thune initially voted for the bill but took a procedural move that would allow him to resume the bill’s vote later).
Among other issues, the fact is that there are no billing text available at the start of the vote.
The upcoming Cloture vote for the 30-hour debate could be a move that Democrats must try to include their priorities in the bill, as it requires 60 senators to pass. After the debate, another inventory vote will be held before the final vote is passed, but it will be difficult for a MP who votes for a public debate.
Classifying priorities as generally will only provide more comfort to legislators before the final vote is obtained, the person said.
None of the people who spoke to Coindesk expected the actual terms that would prevent the U.S. president from issuing or being associated with Stablecoin’s issuers would be part of the final bill.
One of the individuals said the ongoing negotiations focused more on the methods of foreign issuers and the rules on anti-money laundering.
A broader question is that delays through Stablecoin legislation could slow down the process of pushing forward the Market Structure Act, which would rewrite laws on how the Commodity Futures and the Securities and Exchange Commission oversee digital assets, including how cryptocurrencies are defined as securities. Discuss the draft Being introduced In the house this week.
If the Senate votes on the Stablecoin bill around next week, other bills should not be proposed, two people told Coindesk.
- U.S. Cryptocurrency Market Structure Act Revealed by House Members: As the title says. A few weeks later, more information on the matter.
- New Hampshire becomes the first country to approve crypto reserve laws: The title is self-evident here.
- Samulai Wallet Attorney Says Delayed Fincen Disclosure Is Not a Violation of Brady: Samourai Wallet Developer Defense Attorney It is said that a few days ago The Justice Department retained key evidence in the form of a conversation with financial crime enforcement network officials, who told prosecutors that Samulai’s wallet was not a money communication business. Prosecutors claimed Friday that they did not reject the evidence.
- SEC, Ripple Ink $50 million settlement, claiming green light to New York judge: Ripple and the SEC have asked judges to reach a settlement agreement they first Announced in March.
- Bets lost millions, predicting the new pope as Polymarket Edge declines: With a new pope, Polmarket Bettors gave him a 1% chance to succeed Pope Francis.
- Binance founder CZ confirms he has applied for Trump pardon after term in prison: Changpeng Zhao said he asked U.S. President Donald Trump for pardon after pleading guilty to violations of bank confidentiality laws in 2023.
- CFTC attracts people in Kalshi election betting case: The CFTC appears to have cleaned the way for a contract for political events officially launched in the United States after abandoning Kalshi’s 2024 court-winning appeal.
- Senate Democrats say he is studying Trump’s crypto business: Richard Blumenthal, a ranking member of the long-term subcommittee of the Senate Homeland Security and Government Affairs Committee, wrote to executives of two Trump-affiliated entities in the investigation asking about their cryptocurrency projects.
- Coinbase’s SEC filings show New York’s attorney general wants ETH to declare security: New York Attorney General Letitia James’s office requires the Securities and Exchange Commission to refer to ETH as its guarantee against Kucoin in its case against Kucoin.
- OCC: Banks can buy and sell crypto assets of their customers.: The Office of the Auditor General of Currency issued an explanation letter telling banks that they can buy and sell cryptocurrency assets for customers to detain and use third-party service providers.
- As Meta said to Mull Tokens, Senator Warren calls for blocking large tech stablecoins: Meta (formerly Facebook), famously attempting to enter cryptocurrency in 2019 and has sparked a global backlash, is considering using Stablecoins again to consider wealth. Senators Elizabeth Warren and Josh Hawley both expressed concern.
Tuesday
- House Financial Services and Agriculture Committee Arrangements at 10:00 a.m. ET (UTC 14:00) Hold a hearing About the digital asset market structure, but FSC ranking members Maxine Waters objected Instead, she held her own hearing on Trump’s cryptocurrency partner.
Thursday
- ((404 Media) It turns out that former national security adviser Michael Waltz did not use the signal, but an unofficial version called Telemessage, which was Invasion Later Service Unavailable Temporarily.
- ((San Francisco Standard) Jeffy Yu seems to have faked his own death to draw a meme or something. According to San Francisco Standard, Yu, who once was still alive and kicked his parents’ home.
If you have any thoughts or questions about what I should discuss next week or any other feedback you would like to share, feel free to email me nik@coindesk.com Or find me in Bruski @nikhileshde.bsky.social.
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See you next week!
