As Stablecoin Legislation Moves to the House, Senate Focuses on Market Structure

Senate Discusses Future of Digital Asset Regulations

About a week after the US Senate approved the Genius Act aimed at managing payment stability, discussions are underway regarding the framework for the digital asset market structure.

On Tuesday, members of the Senate Banking Committee’s Digital Assets Subcommittee listened to insights from legal representatives of Coinbase and Multicoin Capital as part of efforts to create a “bipartisan legislative framework for the digital asset market.”

The session included testimony from Ryan Vanglack, Coinbase’s vice president of legal affairs, Greg Zesalis, an advisor at Multicoin Capital, and Sarah Hammer, executive director at the Wharton School of the University of Pennsylvania.

This hearing marks one of the Senate’s initial discussions on digital asset legislation following the passage of the Genius Act on June 17, which was approved with a 68-30 vote. The bill is now in the House for further discussions, amendments, and potential votes.

While the Senate is exploring a bipartisan solution for crypto market structures, the House is already advancing its own legislative measures. Earlier this month, the House Agriculture Committee and the House Financial Services Committee moved to enhance clarity within the digital asset market, with expectations of a floor vote soon.

It remains uncertain if the Senate will adapt the House bill regarding the crypto market structure or introduce its own version that incorporates elements from the House legislation. Cointelegraph reached out to Senator Cynthia Ramis, who chairs the Digital Assets Subcommittee, for comments about the hearing but did not receive a response before publishing.

Trump’s Involvement Under Examination

The combination of the Stablecoin Bill and the Market Structure Bill could potentially resolve several regulatory concerns that crypto industry leaders have pointed out regarding the U.S. However, the legislation is facing resistance from some Democrats, who are questioning the personal benefits President Donald Trump and his family may gain from the bill, especially considering their ties to the digital asset sector and political donations.

On Wednesday, Trump stated that he would sign the Genius Act promptly with “No Add-ons” if the House passes it quickly. Yet, there remains ambiguity about whether digital assets are a priority for him, particularly after recent scrutiny related to his actions concerning Iran and lack of Congressional approval for military strikes over the weekend.