Senate Turns to Market Structure, House Takes Breather Before Crypto Week
The Banking Committee will hold its first market structure hearing Wednesday
Welcome to the Monday edition of the Crypto In America newsletter!
What you’ll read: The Senate takes up the market structure mantle, a key crypto policy report is due this month, and what to keep an eye on in Washington.
With the House out of session this week due to a scheduling change following the passage of the “One Big Beautiful” spending bill, the Senate is turning its attention back to crypto.
On Wednesday, the Senate Banking Committee will hold a hearing on establishing a regulatory framework for the $3 trillion digital asset industry, and is also expected to release a discussion draft detailing its approach to market structure reform later this week. The draft is set to incorporate elements of the 2023 Lummis-Gillibrand Responsible Financial Innovation Act, while building on provisions from the recently introduced House CLARITY Act.
Both the hearing and the draft release align with the Committee’s goal of introducing market structure legislation before the August recess. The Senate Agriculture Committee, which oversees the Commodity Futures Trading Commission, is also expected to play a major role in the market structure process and will likely hold its own hearing soon.
Then next week, crypto policy will take over the House floor. Leadership is planning votes on the Senate’s stablecoin bill—the GENIUS Act—which is expected to pass and head to President Trump’s desk, as well as the CLARITY Act and Anti-CBDC Surveillance State Act, which will move to the Senate if passed.
Despite a desire among some Financial Services Committee members to reconcile it with the House’s stablecoin bill (STABLE), GENIUS is, as of now, expected to head to the floor as it was received by the Senate, with no changes to the text, according to a House Republican aide. The move would reflect Trump’s request for a “clean” bill with no add-ons.
While House Majority Whip Tom Emmer’s Anti-CBDC Surveillance State Act, which bars the Fed from developing a central bank digital currency, will be voted on separately, the GENIUS Act also includes similar language restricting the Fed from doing so.
Crypto tax policy may also come into focus next week, as the House Ways and Means Oversight Subcommittee is looking to reschedule its postponed hearing on digital asset taxation, originally slated for this Wednesday.
White House Crypto Report Deadline Looms
The Trump administration’s Working Group on Digital Asset Markets is gearing up to deliver its first major report on crypto policy by July 22.
It will be the product of months of collaboration between leaders David Sacks and Bo Hines, top officials from Treasury, Commerce, the Securities and Exchange Commission, the Commodity Futures Trading Commission, and other agencies—following a January executive order from President Trump aimed at strengthening U.S. leadership in the crypto sector.
The report is expected to include both regulatory and legislative proposals, but what exactly those will be remains unclear. The group was originally tasked with crafting a federal framework for digital assets, including stablecoins — a process Congress has already begun — and exploring whether the U.S. should create a national digital asset stockpile, which Trump established in March.
In a recent speech, Acting CFTC Chair Caroline Pham, a member of the Working Group, said the report would act as the administration’s “crypto roadmap,” describing the work so far as “productive and fruitful.”
While details of the report’s contents remain scarce, some industry participants speculate it may include recommendations on funding a strategic Bitcoin reserve without burdening taxpayers, along with proposals to ensure crypto firms have fair access to banking services from institutions like the Federal Reserve — which has historically resisted granting crypto companies direct access to its payment system.
A White House official told Crypto In America the report should be published around the July 22 deadline.
🏛️ What’s Happening in Washington This Week?
Monday
The Senate returns from Independence Day weekend. The House is out of session.
Tuesday
6:00 AM ET: The National Federation of Independent Business releases its Small Business Optimism Index.
3:00 PM ET: The Federal Reserve releases consumer credit data.
Wednesday
10:00 AM ET: The Senate Banking Committee holds a hearing on crypto market structure.
Witnesses:
Brad Garlinghouse, Ripple CEO
Summer Mersinger, Blockchain Association CEO
Jonathan Levin, Chainalysis CEO
Dan Robinson, Paradigm General Partner
2:00 PM ET: The Federal Reserve releases the minutes from its May FOMC meeting.
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