House Republicans plan to submit updated text of the cryptocurrency market structure bill today.
According to information obtained by Crypto in America, the text of the bill will be introduced in a “pro forma” session, a short-term, procedural session held while the House is in recess.
While these sessions do not typically involve legislative activity, they can be used to formally introduce bills when lawmakers are outside of Washington.
The updated text follows a draft bill shared earlier this month by a coalition of prominent House Republicans, including Financial Services Committee Chairman French Hill, Agriculture Committee Chairman GT Thompson, Digital Assets Subcommittee Chairman Bryan Steil and Agriculture Committee Digital Assets Subcommittee Chairman Dusty Johnson.
The bill, which is expected to set the basic framework for regulating and trading the American digital asset market, represents the next step in a comprehensive regulatory effort by the White House and Republicans. The bill aims to regulate the $3.4 trillion cryptocurrency industry in the U.S. and set clear rules at the federal level.
The House Financial Services Committee is scheduled to hold a hearing on the updated text on June 4 titled “American Innovation and the Future of Digital Assets: From Blueprint to an Operational Framework.” A hearing is planned for June 10 to consider various bills, but it is not yet clear whether this bill will be included in that process.
The move in the House of Representatives comes as the Senate is preparing to amend the bipartisan stablecoin bill, the GENIUS Act, which it aims to vote on and send to the House.
Speaking at the annual Bitcoin Conference in Las Vegas this week, Bryan Steil and Tom Emmer expressed hope that both bills could make progress in the time window before President Trump’s August recess. Steil said that if both bills were passed, it would usher in a “golden age of digital assets” in the United States.
*This is not investment advice.
