{"id":9966,"date":"2025-03-19T20:19:26","date_gmt":"2025-03-19T19:19:26","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=9966"},"modified":"2025-03-19T20:19:26","modified_gmt":"2025-03-19T19:19:26","slug":"congress-poised-to-advance-stablecoin-and-market-structure-legislation-by-august-claims-blockchain-association","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/03\/19\/congress-poised-to-advance-stablecoin-and-market-structure-legislation-by-august-claims-blockchain-association\/","title":{"rendered":"Congress Poised to Advance Stablecoin and Market Structure Legislation by August, Claims Blockchain Association"},"content":{"rendered":"

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U.S. legislators are poised to enact regulations establishing guidelines for stablecoins and the cryptocurrency market framework by as early as August, Kristin Smith, leader of the industry advocacy group the Blockchain Association, stated during Blockworks\u2019 2025 Digital Asset Summit in New York.<\/p>\n

Smith\u2019s projected timeline aligns with a similar prediction from Bo Hines, the executive director of the President\u2019s Council of Advisers on Digital Assets, who mentioned on March 18 that he anticipates seeing comprehensive legislation regarding stablecoins in the forthcoming months<\/a>.\u00a0<\/p>\n

\u201cI believe we are nearing the completion of these for August […] there\u2019s a lot of activity happening behind the scenes at the moment,\u201d Smith remarked on March 19 at the Summit, which Cointelegraph covered.\u00a0<\/p>\n

\u201cI\u2019m optimistic when the leaders of the relevant committees in both the House and the Senate, along with the White House, are eager to take action and there are bipartisan votes in Congress to support it,\u201d she added.<\/p>\n

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US President Donald Trump is seated next to Treasury Secretary Scott Bessent at the White House Crypto Summit on March 7. Source: <\/em>The Associated Press<\/em><\/a><\/p>\n<\/figcaption><\/figure>\n

Bipartisan backing<\/h3>\n

At the Digital Assets Summit on March 18, Democratic Representative Ro Khanna expressed his belief that Congress \u201cshould be capable of passing\u201d both the stablecoin and cryptocurrency market structure measures in 2025<\/a>. <\/p>\n

Kahanna noted that roughly 70 to 80 Democrats view stablecoin legislation as critical for enhancing US influence by broadening access to dollars on a global scale.<\/p>\n

\u201cFor the first time, these are actually actionable items we can accomplish, but for that, we need at least 7 Democratic votes in the Senate,\u201d Smith explained, adding, \u201cwe already have 5 committee votes secured.\u201d<\/p>\n

Recently, the Senate Banking Committee approved the GENIUS Act, an acronym representing Guiding and Establishing National Innovation for US Stablecoins.\u00a0<\/p>\n

This proposed legislation outlines collateral requirements for stablecoin issuers and compels adherence to Anti-Money Laundering (AML) regulations.<\/p>\n

In 2024, the House of Representatives passed the Financial Innovation and Technology for the 21st Century Act, commonly referred to as FIT21, which establishes fundamental rules for the cryptocurrency market structure.\u00a0<\/p>\n

This bill still requires approval in the Senate before it can become law.\u00a0<\/p>\n

Leaders in the crypto sector have asserted that the industry will gain more from clear US regulatory policies<\/a> than from an established Bitcoin reserve.<\/p>\n

On March 6, President Donald Trump signed an executive order instituting a US Strategic Bitcoin Reserve and Digital Asset Stockpile, fulfilling a commitment made during his 2024 campaign.<\/p>\n

\u201cMarket participants are looking for a roadmap for innovation along with clear directives regarding stablecoins, institutional acceptance, and taxation,\u201d Max Giammario, CEO of the Web3 artificial intelligence firm Kindred, informed Cointelegraph in March.<\/p>\n

Magazine: <\/strong><\/em>Unstablecoins: Depegging, Bank Runs, and Other Risks Ahead<\/strong><\/em><\/a><\/p>\n