Market Structure Legislation Heads to House Floor After Marathon Markup
20 Democrats voted in favor of advancing the CLARITY Act
Welcome to the Wednesday edition of the Crypto In America newsletter!
What you’ll read: Market structure legislation inches closer to the finish line, Coinbase deepens ties with law enforcement, and Animoca Brands co-founder Yat Siu joins the podcast with insights on why Asia is beating the U.S. at crypto.
Following a marathon 14-hour markup session, the House Financial Services and House Agriculture Committees have voted to advance landmark crypto market structure legislation to the House floor, bringing it one step closer to establishing long-awaited regulatory clarity for the digital asset industry.
In a notable show of bipartisanship, 20 Democrats joined Republicans in supporting the CLARITY Act — 18 from the Agriculture Committee and two from Financial Services: Reps. Ritchie Torres (D-NY) and Cleo Fields (D-LA).
The bill is now teed up for a full House vote, with lawmakers eyeing a final passage vote after the so-called "One Big Beautiful" reconciliation package clears the House.
Over in the Senate, the GENIUS Act is heading into a pivotal procedural vote later today on the bipartisan amendment agreed to by Republicans and Democrats a few weeks ago to allow the bill to advance. Any further amendment votes outside of the agreed upon bipartisan package are unlikely unless unanimous consent is achieved, meaning it would take all 100 Senators to agree.
With this in mind, a final vote on the bill could land by the end of the week, though staffers caution it will likely slip to early next week.
Some staffers have disclosed that there's growing momentum in the House to merge GENIUS and CLARITY into a single legislative package in order to hit President Trump’s August deadline for passing comprehensive crypto policy before Congress breaks for recess.
Street Crime Is Getting Smarter. So Are Crypto Investigations.
As digital assets are starting to play a bigger role in everyday finance, crypto-related crime is ramping up. A growing number of cases involve victims being coerced into unlocking their phones during robberies, giving attackers access to financial apps, including crypto wallets.
Coinbase, the U.S.’s largest crypto exchange, says it's seeing a rise in this type of crime and is working more closely with law enforcement to combat it.
Paul Grewal, Coinbase’s chief legal officer, tells Crypto In America that blockchain’s inherent transparency is a powerful tool for solving cases, challenging the narrative that crypto is merely a refuge for illicit activity.
“What’s amazing is we can trace funds that were taken, sometimes in real time, and in some cases even recover them,” Grewal said. “That’s simply not possible with cash.”
Federal authorities recently arrested Chirag Tomar for running a $20 million global spoofing scheme using fake Coinbase-branded sites to steal user credentials. Some victims were directly contacted by attackers posing as Coinbase support and drained via remote access tools. Coinbase worked with the Secret Service and FBI to trace stolen funds and preserve evidence. Tomar pleaded guilty and was sentenced to five years in prison.
Grewal says law enforcement requests are increasing — not just from federal agencies but local police too.
“Some of the most meaningful cases we’ve worked on are at the state and local level,” he said, noting even small sheriff’s offices seek help tracing on-chain activity linked to theft and scams.
Recovering funds becomes difficult once crypto leaves regulated platforms, making early intervention critical.
“Speed is everything,” Grewal said. “And part of the reason we’re being more public now is to raise awareness, especially among law enforcement who may not realize these crimes are traceable.”
With Congress focused on blockchain’s future in finance, crypto advocates like Coinbase are eager to prove that crypto isn’t just a loophole for illicit financial activity, but rather, helps shine a light on the perpetrators.
This Week on the Podcast: Animoca’s Yat Siu on the Future of Stablecoins, Crypto Regulation, and Global Web3 Trends
In this episode, Animoca Brands’ Yat Siu breaks down some of the biggest developments in crypto right now—from the growing geopolitical tug-of-war over stablecoins, to how Asia is pulling ahead on regulation and what it all means for the future of Web3.
Yat breaks down:
How Hong Kong and the UAE are leapfrogging the U.S. with progressive crypto policy
Why consumer protection laws, not securities regulation, may hold the key to unlocking tokenized innovation
The growing fragmentation of global stablecoin systems
And how the Trump family’s embrace of crypto could signal a new era of financial diplomacy
Watch on all platforms here.
Remember, new editions of the Crypto In America newsletter drop every Monday, Wednesday and Friday at 7AM EST.
If you like what you’re reading, don’t forget to subscribe!
This is exactly the moment we need to lean in. Regulatory clarity can empower innovation—but only if it's shaped by those building at the edges. Market structure matters. If we’re not at the table, we’ll be on the menu. Appreciate the breakdown.
Find Me 😎👉🏾: https://solo.to/0xObsidianEnoch
#DecentralizedFuture #ObsidianEnoch #CryptoPolicy #Web3Builders #FinTechLegislation