Today marks a pivotal day for cryptocurrency regulation in the U.S., as House Republicans are expected to unveil an updated version of their market structure bill. The text of this bill will be introduced through a “pro forma” session while the House is in recess, allowing for formal introduction of the legislation even when lawmakers are not physically present. ))
The new draft follows a previous initiative by prominent Republicans, including Financial Services Committee Chairman French Hill, Agriculture Committee Chair GT Thompson, Digital Assets Subcommittee Chair Bryan Steil and Agriculture Committee Digital Assets Subcommittee Chair Dusty Johnson.
This bill is expected to establish the foundation for regulating and trading the U.S. digital asset market, aiming to address the $3.4 trillion cryptocurrency industry. This framework will provide much-needed clarity on regulations at the federal level.
The House Financial Services Committee has scheduled a hearing on June 4th titled “American Innovation and the Future of Digital Assets: From Blueprint to an Operational Framework” to delve into this updated text. A second hearing, set for June 10th, will likely explore other related bills but the exact placement of the cryptocurrency bill within that process remains unclear.
While these developments unfold, the Senate is also working on amendments to the bipartisan stablecoin bill, the GENIUS Act. This bill, aimed at regulatory clarity, aims to move towards a similar framework for digital assets.
Rep. Bryan Steil and Rep. Tom Emmer have expressed optimism that both bills could make substantial progress before President Trump’s August recess, potentially ushering in an era of significant growth for the U.S. cryptocurrency industry.