Crunch Time for Crypto on the Hill: Market Structure, Stablecoins, and the Looming August Deadline
House pushing forward on market structure ahead of key June hearings
Welcome to the Monday edition of the Crypto In America newsletter! And happy Memorial Day!
What you’ll read: Attention turns to market structure in the House as the GENIUS Act faces a grueling amendment process; the SEC holds its 104th industry meeting; and Washington descends on Bitcoin’s biggest event of the year.
After a chaotic two weeks for Senate Republicans scrambling to push stablecoin legislation through two procedural votes, attention is once again shifting to the House, where lawmakers are preparing to take the next step on crypto market structure.
House Financial Services Committee Chairman French Hill (R-AR) announced a second full committee hearing on market structure for June 4, signaling momentum on an updated version of the discussion draft that’s been circulating in recent weeks. Sources close to the process say House leadership is hoping to drop the formal bill text ahead of the hearing, giving industry participants a glimpse into the changes that have been made behind the scenes since the introduction of the discussion draft earlier this month.
A markup session is also on the calendar for June 10, with several measures slated for consideration. But whether the market structure bill makes the cut that day remains to be seen.
With just 69 days left until President Trump’s self-imposed deadline for getting both stablecoin and market structure legislation to his desk, skepticism is starting to take root among industry watchers. The Senate’s delay in moving the GENIUS Act to the floor — driven by a concerted effort from Democrats (and a few Republicans) to stall President Trump’s pro-crypto agenda — has only deepened doubts about Congress’s ability to pass an even more contentious and complex market structure package in time.
Lee Schneider, General Counsel at Ava Labs, said during a panel discussion last week with Crypto In America’s Eleanor Terrett that he doesn’t believe the market structure bill can realistically get done by the August 4th deadline. Echoing that concern was Norma Krayem, Vice President and Chair of the Cybersecurity, Privacy & Digital Innovation Practice Group at Van Scoyoc Associates, who noted that while passage seems unlikely, taking the time to get the policy right and not rushing to meet a deadline could ultimately prove beneficial for the industry.
Both were confident that stablecoin legislation, at least, has a strong chance of passing.
One Senate staffer who spoke with Crypto in America outlined a possible scenario: the Senate passes the GENIUS Act and sends it to the House for approval; once the House signs off, the bill moves to President Trump’s desk—while the House simultaneously sends the market structure bill to the Senate for consideration.
Meanwhile, the GENIUS Act is poised to undergo a new round of amendments during this week’s recess, as various lobbying groups, particularly ones representing the banks, work to make their voices heard.
Some proposed changes go beyond the bill’s core focus, addressing issues like increasing competition in the credit card market and capping interest rates at 10%. It remains unclear how many of these amendments will be adopted or whether they will impact the bill’s overall chances of passing the Senate.
The SEC Crypto Task Force Surpasses 100 Industry Meetings
Since launching its industry outreach in early February, the Crypto Task Force has held a total of 104 meetings with a wide range of stakeholders — from major Wall Street firms like BlackRock to smaller crypto projects and industry advocacy groups — all aimed at shaping a path forward for regulating the $3.4 trillion digital asset market.
Last week, the Crypto Task Force met with Ripple Labs and its legal team, led by Chief Legal Officer Stuart Alderoty, to discuss potential short-term actions the Task Force could take to enhance regulatory clarity, along with considerations for implementing safe harbor provisions.
The meeting followed a recent decision by a Manhattan district judge to deny a joint request from Ripple and the SEC to roll back an injunction and financial penalty imposed on the company last year. That ruling came in the wake of the SEC dropping several other high-profile lawsuits and investigations into crypto firms initiated under former Chair Gary Gensler. According to Alderoty, Ripple and the SEC are currently revisiting the matter with the court.
Industry stakeholders have responded positively to the Task Force’s open and collaborative approach, praising its willingness to engage directly with the sector through meetings and roundtables, and issue guidance on key areas of the crypto market—including stablecoins, meme coins, and proof-of-work staking.
The Commission will hold the final installment of its five-part industry roundtable series on June 9, titled DeFi and the American Spirit.
Fresh off a successful summit near London last week, Avalanche is surging ahead as the go-to network for leading games, financial institutions, and consumer apps.
FIFA has launched its own Layer 1 on Avalanche, VanEck unveiled the Purposebuilt fund, and Web3 hits like MapleStory and Off the Grid are thriving on the platform. EVEN is onboarding 50,000 new users every week, and Sports Illustrated Stadium is making the bold move to go fully on-chain.
Avalanche’s momentum has never been stronger. To see how they’re driving adoption, click here.
What’s Happening In Washington This Week?
It’s relatively quiet! Both the House and Senate are in recess this week, but a handful of pro-crypto lawmakers and administration officials are heading to Las Vegas to attend the annual Bitcoin Conference (more on that below).
Monday
Happy Memorial Day! Thank you to all our veterans for their service and sacrifice.
Wednesday
2:00PM EST: The Federal Reserve will release the minutes from its May Federal Open Market Committee (FOMC) meeting.
Thursday
8:30AM EST: The Commerce Department will release the first revision of first-quarter GDP.
On the Crypto Conference Circuit
Bitcoin’s biggest event of the year kicks off Tuesday in Las Vegas, and Crypto In America will be on the ground at The Venetian.
This year’s confab will feature a powerhouse lineup of speakers, including Vice President J.D. Vance, White House Crypto and AI Czar David Sacks, pro-crypto Senators Cynthia Lummis (R-WY) and Bill Hagerty (R-TN), MicroStrategy’s Michael Saylor, Eric and Donald Trump Jr., and many more.
Later in the week, XRP Las Vegas takes over the MGM Grand, while Litecoin’s annual conference kicks off at Harrah’s.
Catch Eleanor’s fireside chat with Robinhood Co-Founder and CEO Vlad Tenev on Tuesday at 1:10 PM PT on Nakamoto Stage.
Remember, new editions of the Crypto In America newsletter drop every Monday, Wednesday and Friday at 7AM EST.
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