House GOP Targets Thursday for Introduction of Updated Market Structure Bill
The legislation is expected to drop during a 'pro forma' session
Welcome to the Wednesday edition of the Crypto In America newsletter!
House leadership is eyeing Thursday for the release of updated text for the lower chamber’s digital asset market structure bill, Crypto in America has learned.
According to two sources familiar with the matter, the bill text is expected to be introduced during a so-called pro forma session—a brief, procedural meeting that keeps the House technically in session during recess. While these sessions rarely involve substantive legislative work, they can be used to formally introduce legislation in the House when lawmakers are away from Washington.
The updated text follows a discussion draft released earlier this month by a coalition of top House Republicans: Financial Services Committee Chairman French Hill (R-AR), House Agriculture Committee Chairman G.T. Thompson (R-PA), Digital Assets Subcommittee Chair Bryan Steil (R-WI), and Agriculture Subcommittee Chair on Digital Assets Dusty Johnson (R-SD).
The introduction of market structure legislation — widely regarded as the foundational blueprint for regulating and trading digital assets in the U.S. — will mark the next step in a coordinated effort by the White House and congressional Republicans to set clear federal rules for the $3.4 trillion crypto industry.
The full House Financial Services Committee is slated to hold a June 4 hearing on the updated bill text titled “American Innovation and the Future of Digital Assets: From Blueprint to a Functional Framework.” A markup on various measures has been scheduled for June 10th, though it remains unclear whether this bill will be formally included.
The House action comes as the Senate gears up to start amending its bipartisan stablecoin bill, the GENIUS Act, next week — aiming to pass it through the full Senate before sending it to the House for approval.
At this week’s annual Bitcoin Conference in Las Vegas, Reps. Bryan Steil (R-WI) and Tom Emmer (R-MN), expressed confidence that both bills could see movement before President Trump’s August recess deadline, now just over two months away. Steil said when both pieces of legislation pass, it will ‘unlock the golden age of digital assets’ in the United States.
Coinbase Chief Legal Officer Paul Grewal told Crypto in America on Tuesday he’s “confident” stablecoin legislation can pass in that window, and “cautiously optimistic” that market structure reform could follow—though he noted year-end may be a more realistic timeline.
Crypto in America Live: Ava Labs CEO on Innovation, Regulation, and De-Banking
In this week’s episode of Crypto in America, our hosts sit down for a special live interview with Emin Gün Sirer, founder and CEO of Ava Labs, recorded onstage at the Avalanche Summit in London.
The conversation explores the evolution of blockchain technology and the current state of the crypto industry in the U.S. Sirer shares his journey from academia to founding Ava Labs, highlighting the company’s mission to build the digital financial infrastructure of the future.
He recounts a personal experience of being de-banked by a major financial institution due to his ties to crypto, and offers insights into tokenizing real-world assets, the growing role of institutional adoption, and Ava Labs’ ongoing efforts to engage with lawmakers in Washington, D.C., to help educate them on decentralized finance.
Catch the full episode on all platforms here.
Midweek Recap
ICYMI. Here are some of the biggest stories so far this week:
Video game retailer GameStop announced it has purchased more than $500 million worth of Bitcoin.
Trump Media announced $2.5 billion deal to create a Bitcoin treasury.
The Securities and Exchange Commission is reviewing and accepting public comments on WisdomTree’s proposed spot XRP ETF.
The SEC’s Division of Investment Management is hosting a June 5 conference on Emerging Trends in Asset Management, featuring sessions on digital assets and tokenization with speakers from BlackRock, Fidelity, Franklin Templeton, and more.
Cantor Fitzgerald launches its $2 billion Bitcoin-backed lending division with deals involving FalconX and Maple Finance.
Vivek Ramaswamy’s Strive has raised $750 million to build a Bitcoin-focused treasury, targeting Mt. Gox claims and deploying high-yield strategies to outperform Bitcoin.
Circle has officially kicked off its IPO process, aiming to raise approximately $624 million with a valuation of $5.65 billion. The company plans to list under the ticker symbol ‘CRCL’ on the New York Stock Exchange.
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