Stablecoin and Market Structure: One Big Bill or Two?
Chairman Hill says the strategy is still in motion as Trump demands both bills before August recess
Welcome to the Wednesday edition of the Crypto In America newsletter! In our latest podcast episode, House Financial Services Committee Chairman French Hill (R-AR) shares how his background in venture capital and private equity sparked his interest in crypto, where key legislation stands on Capitol Hill, and what he hopes his legacy in Congress will be.
With the Senate preparing for a floor vote on stablecoin legislation next month, Chairman Hill addressed a key question on the minds of many in the industry: will Congress move the stablecoin and market structure bills as a package or separately?
The question arises amid growing concern from industry stakeholders that Democratic leadership—who have been less enthusiastic about crypto than their Republican counterparts—could experience 'crypto fatigue,' making them less likely to support two separate bills in close succession, rather than a single, comprehensive package.
"Chairman Scott and I are still working through what we think the ultimate best legislative strategy is,” Hill said. “We both acknowledge that we want to get both bills through the House and Senate and to the President's desk and we're still having conversations about what the best way to go about that is.”
President Trump has directed Congress to get both pieces of legislation to his desk before the August recess, now just three months away.
While Hill has referred to the stablecoin and market structure bills as 'two sides of the same coin,' it remains unclear whether Republican leadership will choose to package them together or move them separately.
As time is of the essence, crypto lobbyists—concerned that momentum could fade if a stablecoin bill isn't passed soon—are urging Congressional leaders to prioritize the legislation. Today, around forty members of the advocacy group The Digital Chamber will visit Capitol Hill to press lawmakers to act quickly on stablecoin regulations.
Hill also hinted that a new draft of the House’s market structure bill could be released ahead of next Wednesday’s joint hearing between the Financial Services and Agriculture Committees.
Watch the full episode with Chairman Hill on all platforms here.
Midweek Recap
ICYMI. Here are some of the biggest stories so far this week:
Arizona has become the first U.S. state to pass a Bitcoin reserve bill, permitting up to 10% of public funds to be invested in digital assets such as Bitcoin. The legislation now heads to Democratic Governor Katie Hobbs' desk for final approval and signature into law.
In a letter to shareholders, Trump Media CEO Devin Nunes revealed that the company is considering the launch of a digital wallet and a utility token to facilitate subscription payments on its social media platform, Truth Social, with potential applications across the broader ‘Truth ecosphere.’
More than 300 crypto industry participants—including high-profile figures like Gemini co-founders Cameron and Tyler Winklevoss—have signed a petition by the DeFi Education Fund urging White House Crypto and AI Czar David Sacks to defend software developers facing scrutiny from the Department of Justice. Other notable signatories include crypto venture capitalists Matt Huang and Fred Ehrsam of Paradigm, Kyle Samani of Multicoin Capital, and the Blockchain Association, an advocacy group representing over 100 industry stakeholders.
U.K. Chancellor of the Exchequer Rachel Reeves announced Tuesday that the government is planning a “comprehensive regulatory regime for crypto assets,” expressing hopes to collaborate with the U.S. to promote the responsible adoption of crypto. The announcement followed an event at the British embassy in Washington, where Reeves met with several industry stakeholders.
Mastercard has announced a partnership with OKX and Nuvei to enable merchants to accept payments in stablecoins, citing growing global regulatory clarity as a key driver.
The Securities and Exchange Commission has postponed decisions on a range of crypto-related spot exchange-traded product (ETP) applications, including those tied to Dogecoin, XRP, Hedera, and Solana, as well as Ethereum staking products. According to Bloomberg analysts James Seyffart and Eric Balchunas, the SEC is expected to issue final rulings on these applications by the fourth quarter of the year.
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There is so much going on it makes my head spin. Glad to count on you for thorough reporting.