The U.S. Capitol building in Washington, D.C., U.S., June 27, 2025.
Elizabeth Frantz | Reuters
It’s “Crypto Week” in Washington.
The cryptocurrency industry is set to notch a major win this week if the House can pass two bills that would set up a long-lobbied-for regulatory framework for digital assets.
The stablecoin bill, known as the GENUIS Act, has already passed the Senate and looks set to become the first standalone crypto measure signed into law should the House do the same.
But the real prize for the industry is a wider and more complex bill on market structure called the CLARITY Act, which faces a more difficult path to President Donald Trump’s desk.
Seeking CLARITY
The CLARITY Act sets the rules for when an asset is considered a security and overseen by the Securities and Exchange Commission versus when it’s considered a commodity that is overseen by the Commodity Futures Trading Commission, or CFTC.
The act is likely to pass the House on Wednesday, given the bipartisan support when the bill cleared two committees. But the path in the Senate is murky, as Democrats could withhold their support over concerns about how Trump and his family are benefiting from crypto.
The Trump family’s growing crypto empire includes $TRUMP and $MELANIA meme coins, a stablecoin, and a decentralized finance firm called World Liberty Financial, among other ventures.
Some lawmakers who backed the narrower stablecoin bill did so with the hopes of seeing the wider market structure package address conflicts of interest.
“President Trump’s crypto corruption distorts the digital asset marketplace,” said Sen. Raphael Warnock, D-Ga., who voted for the stablecoin bill. “Writing a bill with a corruption caveat for the president sends a clear message — that Congress is not serious about addressing corruption, which we know undermines investors’ faith in capital markets.”
Pushing it to pass
Coinbase attempted to literally sweeten the deal on the CLARITY Act for lawmakers with an advertising push that included handing out about 5,000 chocolate bars around D.C.
The candy wrappers cited a Morning Consult poll that found about “1 in 5” Americans own crypto.
Coinbase, Ripple and other crypto companies are lobbying Congress to put their concerns aside and back the market structure package, anticipating that more regulatory certainty will encourage more investment in crypto.
“When consumers buy and sell and trade these digital assets, they want to know what they’re getting and they want to know that they’re using a reputable intermediary,” Coinbase Vice President of U.S. Policy Kara Calvert told CNBC. “And what this bill does is provide that construct to do that.”
The Senate is set to introduce its own market structure bill this month that is expected to differ slightly from the House version.
Senate Banking Chair Tim Scott, R-S.C., is working with Sen. Cynthia Lummis, R-Wyo., and others on the measure.
Other Democrats are planning to work with Republicans on a bill, including Sen. Kirsten Gillibrand, D-N.Y., who worked on previous market structure bills with Lummis.
“We have a lot of work to do, and we’re going to work on a bipartisan basis over the next month,” she told CNBC in a brief interview in the Capitol.
GENIUS and the Fed
The House is scheduled for a GENIUS Act vote on Thursday.
The package cleared the Senate last month with 18 Democrats joining most Republicans to support the measure.
The House stood down on their own version of the bill under pressure from Trump, who told lawmakers via a Truth Social post to “Get it to my desk, ASAP — NO DELAYS, NO ADD ONS.”
In addition to the two major bills the crypto industry has pushed for, the House will take up a separate measure that would prevent the Federal Reserve from issuing a central bank digital currency (CBDC).
The bill is expected to pass in a vote scheduled for Wednesday.
Blockchain Association CEO Summer Mersinger said the crypto industry supports the bill.
“If this is something the private sector should do, the government should not be competing,” she said.