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While stablecoin legislation has dominated recent headlines, House Representatives are in the final stages of drafting a crypto market structure bill, according to people familiar with the matter.
I’m told that the discussion draft is expected to be released by the end of the month. The timeline aligns with President Trump’s goal of having both stablecoin and market structure bills passed by the end of this summer.
Representatives will likely pull from the Financial Innovation and Technology for the 21st Century Act (FIT21), which the House passed last Congress. FIT21, among other things, sought to make the Commodity Futures Trading Commission (CFTC) the primary regulator for digital asset spot markets, shifting authority from the SEC.
FIT21’s passage was largely celebrated — even by some members of the industry who were not completely onboard with details of the legislation — for being the first digital asset legislation to make it through a chamber of Congress. With bipartisan support, we might add: 71 Democrats voted in favor of FIT21.
The House Financial Services Committee’s Digital Assets Subcommittee and the House Agriculture Committee each held hearings on crypto market structure earlier this month. Conversations focused on how best to divide authority between the SEC and CFTC.
The STABLE Act in the House and the GENIUS Act in the Senate both await further action. Each bill passed their respective committee markups but neither has been scheduled for a floor vote. The two pieces of legislation are similar, although the GENIUS Act grants state regulators more authority over stablecoin issuers.
