House Committees Push Forward Key Crypto Market Structure and Stablecoin Bills

TL;DR:

• The U.S. House Agriculture Committee advanced the Clarity Act with a 47–6 bipartisan vote.
  
• Simultaneously, the House Financial Services Committee reviewed final amendments.
  
• The Senate is preparing to vote on the GENIUS Act, a stablecoin regulation bill, possibly this week.
  
• The Clarity Act sets a clearer jurisdiction between the CFTC and SEC, while critics warn it lacks consumer protections and oversight funding.
  

Bipartisan Momentum for Crypto Market Rules

The House Agriculture Committee sent a strong bipartisan message on Tuesday by advancing the Clarity Act, a comprehensive bill defining U.S. crypto market structure, with a 47–6 vote. This move marks a significant milestone for lawmakers aiming to bring digital asset regulation to the forefront of the U.S. financial agenda in 2025.

While the agriculture panel swiftly approved its version of the bill, the House Financial Services Committee continued debating amendments. Both panels hold partial jurisdiction over crypto due to the overlap between securities and commodities regulation.

Defining the Digital Asset Landscape

The Clarity Act—formally titled the Digital Asset Market Clarity Act—aims to delineate oversight authority between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC). The bill would place the CFTC as the lead regulator for most digital commodities, which constitute the bulk of crypto activity.

“The Clarity Act provides certainty to market participants, fills regulatory gaps at the CFTC and SEC, and brings needed consumer protections,” said Chairman Glenn “GT” Thompson.

However, even proponents acknowledged the bill isn’t perfect. Representative Angie Craig, the ranking Democrat on the agriculture panel, emphasized that while crypto adoption will continue with or without Congress, regulation is vital for safeguarding retail investors.

Data Callout: Committee Vote Summary

Pushback From Within

Despite bipartisan backing in one chamber, the Clarity Act faces Democratic resistance in the Financial Services Committee. Representative David Scott criticized the bill for potentially allowing crypto firms to bypass essential investor protections and underfunding the CFTC’s retail oversight role.

“This is a gift to the worst actors in the industry,” Scott warned, highlighting concerns over a regulatory framework skewed in favor of crypto interests.

Additionally, Representative Maxine Waters raised ethical red flags. She introduced a transparency amendment aimed at investigating any involvement of President Donald Trump’s stablecoin in federal housing programs. Waters accused the administration of trying to force crypto into vulnerable communities through HUD, questioning whether profits might flow back to Trump personally.

Senate Gears Up for Stablecoin Legislation

While the House narrows in on the Clarity Act, the Senate is preparing for a potential vote this week on the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. This bill establishes federal guardrails for issuing dollar-backed stablecoins.

Senate Majority Whip John Thune has taken procedural steps to accelerate the bill toward a final vote, potentially as early as Wednesday. According to Jaret Seiberg of TD Cowen, Thune’s move limits the number of amendments that can be attached to the package, preventing unrelated legislation—like credit card reform—from stalling the stablecoin bill’s progress.

“This procedural step removes one of the last potential roadblocks,” Seiberg wrote in a note to clients [source].

GENIUS Act Key Details

Will the Bills Converge?

Once the Senate votes on the GENIUS Act, House lawmakers will face several strategic options. They could:

• Integrate the Clarity and GENIUS Acts into one comprehensive crypto bill.
  
• Adopt the Senate version of the stablecoin bill directly.
  
• Draft an independent House stablecoin bill and negotiate a reconciliation later.
  

Each option carries legislative complexity, especially with a tight calendar and mounting policy priorities.

Industry Reaction and Outlook

Industry analysts view this week’s developments as a significant leap toward regulatory clarity. But concerns linger about whether the final laws will genuinely protect investors or tilt the playing field toward entrenched interests.

As digital assets become increasingly embedded in the global economy, the U.S. Congress is now in a race—not only to regulate—but also to set the tone for global crypto policy.