Congress Poised to Pass Stablecoin and Market Structure Bills by August

In a significant development for the cryptocurrency landscape, United States lawmakers are on track to pass crucial legislation that will establish rules for stablecoins and the broader cryptocurrency market structure by as early as August. This optimistic outlook was shared by Kristin Smith, the CEO of the Blockchain Association, during her address at Blockworks’ 2025 Digital Asset Summit held in New York.

Legislative Timeline and Expectations

Smith’s timeline aligns with a similar forecast made by Bo Hines, the executive director of the President’s Council of Advisers on Digital Assets. Hines indicated on March 18 that he anticipates seeing legislative progress soon. “I think we’re close to being able to get those done for August […] they’re doing a lot of work on that behind the scenes right now,” Smith stated during the Summit, which was also attended by Cointelegraph.

Bipartisan Support for Stablecoin Legislation

Smith expressed optimism regarding the bipartisan support for these initiatives, noting, “I’m optimistic when you have the chairs of the relevant committees in the House and the Senate and the White House that want to do something and you’ve got bipartisan votes in Congress to get it there.” This sentiment is echoed by Representative Ro Khanna, who mentioned that approximately 70 to 80 Democrats view stablecoin legislation as vital for enhancing US influence by broadening access to dollars on a global scale.

Key Votes and Legislative Progress

“For the first time, those are actually like something we’re able to get done, but to do that you need to have at least 7 Democratic votes in the Senate,” Smith elaborated, adding that “we already have 5 votes at the committee level.” This highlights the growing momentum behind stablecoin legislation as lawmakers recognize its potential impact on the economy.

Recent Legislative Developments

Last week, the Senate Banking Committee took a significant step forward by approving the GENIUS Act, which stands for Guiding and Establishing National Innovation for US Stablecoins. This act aims to provide a regulatory framework for stablecoins, ensuring their safe integration into the financial system. Additionally, in 2024, the House of Representatives passed the Financial Innovation and Technology for the 21st Century Act, commonly referred to as FIT21. This legislation lays down the foundational rules for the cryptocurrency market structure.

Presidential Executive Order and Market Expectations

On March 6, US President Donald Trump signed an executive order that established a US Strategic Bitcoin Reserve and Digital Asset Stockpile, fulfilling a campaign promise made during the 2024 election cycle. This executive order is expected to further stimulate discussions around cryptocurrency regulation and innovation.

Market Anticipations

“Markets expect a roadmap for innovation and clear guidelines on stablecoins, institutional adoption, and taxation,” remarked Max Giammario, CEO of the Web3 artificial intelligence startup Kindred, in a statement to Cointelegraph in March. The anticipation surrounding these legislative measures reflects a broader desire for clarity and stability in the rapidly evolving digital asset space.

Conclusion: A New Era for Cryptocurrency Regulation

The potential passage of stablecoin and market structure legislation marks a pivotal moment for the cryptocurrency industry in the United States. As lawmakers work diligently to finalize these bills, the implications for both consumers and businesses could be profound. With bipartisan support and a clear vision for the future, the upcoming months will be crucial in shaping the regulatory landscape for digital assets.