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State of Crypto: How Crypto Legislation Is Advancing

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The House Financial Services Committee might mark up market structure legislation next week, while the Senate seems close to passing its stablecoin bill.

You’re reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. Click here to sign up for future editions.

Legislative moves

The narrative

Here’s what’s clear: There are bills and they will probably get votes next week. Here’s what’s unclear: What all lawmakers might need to get enough votes to actually advance these bills, and if they’re there already or not.

Why it matters

The crypto industry has waited for years for Congress to pass legislation giving it some sort of regulatory clarity. Congress has taken a number of key steps this year already, but next week might see quite a few of these steps happen.

Breaking it down

Logistical details first. There will be markups in the House Financial Services Committee and the House Agriculture Committee on the market structure bill, the Digital Asset Market Clarity Act (otherwise known as just the Clarity Act) on Tuesday. That markup will likely end with lawmakers voting to advance the bill to the broader House of Representatives (it’s possible the vote will fail, but it currently seems unlikely).

On the Senate side, lawmakers might hold a series of votes as early as Monday on the Guiding and Establishing National Innovation for U.S. Stablecoins of 2025 Act (otherwise known as GENIUS) to advance it. Senator Ruben Gallego, the Arizona Democrat who spearheaded a pause in the bill’s advancement, said in an interview on Thursday that he expects a massive bipartisan vote in favor of the legislation. It’ll need 60 votes to clear cloture (this is a second cloture vote) and a simple majority afterward to pass the Senate entirely. After that, it’s on to the House.

«We’ve worked in a very honest, earnest manner with our Republican colleagues. We think that they’ve been also doing the same,» he said. «They adopted a lot of the amendments, most of the amendments that we’re we’ve been adding, and they’ve been continuing to work with some other Democrats who have some other concerns, but we believe that if all the changes are made, it’s going to be a very solid, comprehensive bill that I think we could all be proud to vote for.»

In other words, by the end of next week it’s possible the House of Representatives will have both a market structure bill to consider, amend and vote on and a stablecoin bill (the House Financial Services Committee version of GENIUS, the STABLE Act, already passed out of that committee a while ago).

Whether both bills will make it to U.S. President Donald Trump’s desk by the August recess is an open question. Policymakers in Washington, D.C. this week seemed skeptical that both bills would be passed by that deadline, though stablecoin legislation is likely to clear the House and Senate by then.

One theory flying around is that the GENIUS Act in the Senate might get tagged onto the House’s Clarity Act, letting the House vote on both its market structure bill and stablecoin bill at once and sending both back to the Senate. To be clear, this isn’t a firm plan, just something various individuals have suggested is a possibility. However, I’ve heard that there will likely be pushback from both House and Senate lawmakers should this path be pursued.

The other, more likely possibility seems to be that market structure legislation will just take longer — perhaps through the end of the year.

This is despite Democrats’ ongoing concerns that Trump is enriching himself through his various crypto ventures. Just this week, Trump’s media firm, Truth Social, filed for a spot bitcoin exchange-traded fund (ETF) with Yorkville America and NYSE Arca. Assuming this product is approved, it’ll open another avenue for a Trump-affiliated entity to benefit from interest in the industry.

Further reading from this week:

Trump’s Crypto Ties at Forefront as U.S. Lawmakers Weigh Crypto Market Structure Bill

Senate Stablecoin Bill Likely to Win Massive Bipartisan Support, Dem Lawmaker Says

House Dems Get Bonus Hearing on Crypto Market Structure, Assail Trump Conflicts

Stories you may have missed

This week

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Tuesday

Wednesday

  • 14:00 UTC (10:00 a.m. ET) The House Financial Services Committee and House Agriculture Committee each held a hearing to discuss the Clarity Act, the new House market structure bill.

Friday

  • 13:00 UTC (9:00 a.m. ET) Democrats on the House Financial Services Committee held another hearing focused on President Donald Trump’s crypto tie-ups, as well as the market structure bill introduced by House Republicans last week. (It’s not on the calendar above because I am on the road this week and the calendar was made before the hearing was announced).

Elsewhere:

  • (AP News) President Donald Trump and Elon Musk had a very public social media spat on Wednesday and Thursday.

SoC twt 060625

If you’ve got thoughts or questions on what I should discuss next week or any other feedback you’d like to share, feel free to email me at nik@coindesk.com or find me on Bluesky @nikhileshde.bsky.social.

You can also join the group conversation on Telegram.

See ya’ll next week!

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Michael Saylor’s Strategy Added 4,980 Bitcoin Last Week, Bringing Stack to 597,325 Coins

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Strategy (MSTR), the largest publicly traded company holding bitcoin (BTC), boosted its BTC reserves by buying 4,980 BTC for a total of $531.9 million last week.

This addition brings Strategy’s total bitcoin holdings to 597,235 BTC purchased for $42.4 billion, or an average price of $70,982 each. At bitcoin’s current price of about $107,500, that stack is worth more than $64 billion.

Strategy financed the purchase through $519 million of common share sales alongside about $59 million of STRK and STRF preferred stock sales.

MSTR shares are up 1.3% premarket.

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Spanish Police Arrest 5 in Suspected $540M Crypto Fraud Operation

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Spanish police arrested five members of a suspected crypto fraud operation that allegedly laundered 460 million euros ($540 million) stolen from over 5,000 victims.

The bust, carried out by Guarda Civil, the armed wing of the country’s law enforcement agencies, saw three arrests from searches in the Canary Islands and two in Madrid on June 25.

The investigation was supported Europol, as well as police forces from Estonia, France and the U.S.

The criminal network raised funds through cash withdrawals, bank transfers and crypto payments, Europol said in a statement on Monday.

Investigators suspect the organization of having set up a corporate and banking network out of Hong Kong to receive, store and transfer criminal funds through accounts in different names and in different exchanges.

The investigation is still in progress, Europol added.

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Bitcoin-Gold Price Ratio’s 10% Surge Greenlights Bullish Flag Pattern: Technical Analysis

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This is a daily technical analysis by CoinDesk analyst and Chartered Market Technician Omkar Godbole.

The ratio between the per-piece dollar price of bitcoin (BTC) and gold’s (XAU) per-ounce dollar-denominated price rose over 10% to 33.33 last week, registering its best performance in two months, according to data source TradingView.

The double-digit gain, representing BTC’s outperformance relative to gold, marked a breakout from the bull flag pattern. The so-called flag breakout signals a continuation of the rally from lows near 24.85 reached on April 11.

A bull flag pattern is characterized by a sharp uptrend followed by a relatively brief counter-trend consolidation that usually refreshes higher, as is the case with the BTC-gold ratio.

The flag breakout is said to extend the upside by an amount equivalent to the magnitude of the initial rally. So, the ratio could rise to 42.00, topping the record high of 40.73 hit in December.

BTC/Gold ratio and BTC/USD's daily charts. (TradingView/CoinDesk)

Previous uptrends in the ratio have been characterized by sharp upswings in BTC’s dollar-denominated price, as observed in late 2024 and in April and May, rather than gold dropping more than BTC.

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