Senate Set for Final Vote on GENIUS Act Next Week

The bill will move to the House for consideration if it passes

Welcome to the Friday edition of the Crypto In America newsletter!

What you’ll read: Crypto legislation advances in Congress, along with a roundup of this week’s biggest stories from the intersection of Washington and Web3.

It was a triumphant week for crypto on Capitol Hill.

The House advanced market structure legislation out of committee and onto the floor, with 20 Democrats joining Republicans in support. Meanwhile, the Senate scheduled a final vote on the GENIUS Act for next Tuesday. If it passes, the bill will move to the House for consideration.

The legislation would establish a clear regulatory framework for stablecoins and their issuers, something both the $3 trillion digital asset market and Wall Street have been eagerly awaiting. Treasury Secretary Scott Bessent said in Congressional testimony this week that the bill could help grow the USD stablecoin market from $250 billion today to over $2 trillion by 2028.

As Crypto in America reported earlier this week, Wall Street is taking notice too, largely because stablecoins are backed by U.S. Treasuries. Rapid growth in the sector could fuel significant new demand for government debt, potentially easing upward pressure on interest rates — a win not just for Washington, but also for borrowers across the broader economy.

But plenty of hurdles remain before legislation becomes law.

With just over 50 days until the Senate’s August recess, it remains unclear whether Congressional Republicans can rally enough Democratic support to pass two major crypto bills before President Trump’s deadline. Industry and lobbyist consensus suggests the stablecoin bill could likely pass on its own — but combining it with market structure legislation in that timeframe will be a heavy lift, especially given Democrats’ outrage over the Trump family's various crypto dealings.

Adding to the complexity is growing industry concern over the market structure bill’s language — especially provisions critics say give the SEC too much authority to decide whether a blockchain or token is “mature enough” to fall under the Commodity Futures Trading Commission’s jurisdiction.

To complicate matters even further, the Senate is expected to release its own market structure proposal later this month to rival the House’s version.

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Weekly Recap

ICYMI. Here are some of the biggest news stories this week from the intersection of Washington and Web3:

• The Securities and Exchange Commission has officially scrapped several Gensler-era proposals, including the expanded Custody Rule covering all client assets (like crypto), as well as Rule 3b-16 to regulate DeFi platforms as national securities exchanges.

• Ripple and the SEC have submitted a joint request to lift the injunction in their case and distribute the $125 million civil penalty. The plan would allocate $50 million to the SEC, with $75 million refunded to Ripple. The filing points to evolving regulatory views and a mutual interest in ending ongoing appeals and avoiding more legal battles.

• The House’s market structure legislation — the CLARITY Act — is set for a full House vote in the coming weeks after advancing out of Financial Services and Agriculture committees. The bill gained support from 20 Democrats who backed moving it forward.

• CFTC Chair nominee Brian Quintenz was questioned by the Senate Agriculture Committee on digital assets, prediction markets, and agency resources. The committee will vote soon to advance his nomination to the full Senate for confirmation.

• Acting Comptroller Rodney Hood reaffirmed the OCC’s preemption authority, allowing federal banking rules to override conflicting state laws. While some in crypto fear this signals expanded federal oversight, Hood says the stance aligns with federal law, Supreme Court precedent, and White House directives.

• Connecticut passed a law banning the state from accepting, holding, or investing in any virtual currencies, bucking the trend of states embracing bitcoin reserves.

• The SEC has asked prospective Solana ETF issuers to submit amended S-1 forms within a week, according to sources cited by Blockworks. The move has sparked industry speculation that approval is near, with Bloomberg Intelligence raising the Solana ETF approval probability to 90%.

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