Stablecoin and Market Structure Bills Poised for Action on the Hill
GENIUS Act heads toward Senate floor while House committees hash out CLARITY Act details
Welcome to the Monday edition of the Crypto In America newsletter!
What you’ll read: Crypto legislation takes the spotlight on Capitol Hill, Wall Street gets bullish on stablecoins, and what we’re watching in D.C. and NYC this week.
It’s a big week for crypto legislation in Washington, with movement on both stablecoin legislation in the Senate and market structure legislation in the House.
After a week of behind-the-scenes negotiations, including some tense moments over amendments, sponsors of the GENIUS Act are aiming to bring the finalized bill text to the Senate floor this week, though final passage could slip to early next week. Once again, the bill needs 60 votes to move forward and finally move to the House.
Meanwhile, both the Financial Services and Agriculture Committees are set to hold markups Tuesday on their respective versions of the market structure bill — the CLARITY Act. Each committee released slightly different amended versions late Sunday, tailored to their specific jurisdiction — Agriculture oversees the CFTC, while Financial Services oversees the SEC. Following their respective markups, the two amended texts will be merged into a unified bill.
The expectation is that the CLARITY Act will advance out of both committees and move to the full House for consideration, despite mixed reactions from industry regarding how effectively the text addresses the many nuances and complexities of regulating the $3.3 trillion digital asset market.
The Senate is expected to come out with its own version of market structure text this month after the GENIUS Act passes the upper chamber.
Stablecoins Could Be Wall Street’s New Power Play
It’s not just the crypto crowd pushing to pass stablecoin legislation — Wall Street’s paying attention too.
With the stablecoin market hovering around $250 billion today, proposed legislation like the GENIUS Act could be a game-changer. Analysts say if it passes, the market could explode to over $2 trillion.
So why is TradFi leaning in? Because stablecoins are largely backed by U.S. Treasuries. That kind of growth, according to market watchers, could unlock $1 to $2 trillion in new demand for Treasuries, potentially easing pressure on interest rates across the board.
Lower rates wouldn’t just help Washington refinance its debt—they could also reduce mortgage costs and make corporate borrowing cheaper, creating a ripple effect that delivers a much-needed boost to the broader economy.
“This would be a huge stimulus to the U.S. economy,” Tom Hayes of Great Hill Capital told Crypto in America. “It’s making even the old-school equity guys excited about the impact of digital assets.”
What Else is Happening In Washington This Week?
Monday
1:00PM EST: The SEC will host the fifth and final industry roundtable in its Spring Sprint Toward Crypto Clarity series, titled “DeFi and the American Spirit,” featuring opening remarks from Chair Paul Atkins and Commissioners Hester Peirce, Mark Uyeda, and Caroline Crenshaw. Following the roundtable, a town hall will offer attendees the opportunity to ask questions of the panelists.
Roundtable panelists:
Jill Gunter, Espresso Systems
Michael Jordan, DBA
Omid Malekan, Columbia Business School
Michael Mosier, Arktouros
Rebecca Rettig, Jito Labs
Gabe Shapiro, MetaLeX
Peter Van Valkenburgh, Coin Center
Erik Voorhees, Venice AI
Kevin Werbach, Wharton School
Tuesday
10:00AM EST: The House Financial Services Committee and House Agriculture Committees will hold their markups of the Digital Asset Market Clarity Act of 2025 — aka the CLARITY Act, or market structure legislation.
3:00PM EST: The Senate Agriculture Committee will hold a confirmation hearing for CFTC chair nominee Brian Quintenz.
Wednesday
It’s a busy week of hearings for Treasury Secretary Scott Bessent.
10:00AM EST: The House Ways and Means Committee will hold a full committee hearing with Bessent and later, at 3:30 PM, he will testify before a Senate Appropriations subcommittee on the Treasury’s FY2026 budget request. He’ll also appear before the Senate Finance Committee on Thursday morning.
🗽Up in New York…
Coinbase will host its third State of Crypto Summit in downtown Manhattan on Thursday, featuring speakers from across the digital asset policy landscape.
The Crypto in America team will be on the ground conducting interviews.
See you there!
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Great content this morning, preparing us for the week/s to come.