Examining the intersection of cryptocurrency and government |
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Welcome to State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. I’m your host, Nikhilesh De. To date, the U.S. Senate has not passed any crypto-specific legislation, and the House has only passed last year's Financial Innovation for the 21st Century Act, which never got to the Senate. That seems likely to change next week. |
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House Financial Services Committee Ranking Member Maxine Waters and Chairman French Hill (Nikhilesh De/CoinDesk) |
On Wednesday (and then again on Thursday) the entire U.S. Senate saw a supermajority vote in favor of ending debate on the "Guiding and Establishing National Innovation for U.S. Stablecoins of 2025" Act, otherwise known as the GENIUS Act. The bill isn't done in the Senate yet, but if a simple majority of lawmakers vote for it next Tuesday, then it goes to the House of Representatives. |
Though the House passed the Financial Innovation and Technology for the 21st Century Act last year, the Senate has not advanced crypto-specific legislation yet. If (when?) this changes next week, it will signify a massive sea change, particularly given there isn't much else in the way of significant bipartisan legislation rolling through Congress right now. |
Earlier this week, 68 Senators voted in favor of the GENIUS Act. A day later, a supermajority voted again, with over a dozen Democrats joining most Republicans in giving the bill their nod of approval. While there's still another vote scheduled for Tuesday, the major procedural hurdles for the bill are done.
Assuming that happens — and to be clear, 18 different Senators would have to suddenly change their minds for the vote to fail — the Senate will for the first time have advanced crypto-specific legislation.
The House hasn't made much progress on its version of stablecoin legislation, the STABLE Act, since the Financial Services Committee advanced it in March. Still, the House seems likely to advance the STABLE Act before lawmakers' self-imposed deadline in August.
There's a possibility that the House may just take the GENIUS Act as-is rather than try to advance the STABLE Act but my conversations with individuals familiar with this process suggest that's unlikely. If the House passes the STABLE Act instead, there may need to be a process to merge the two bills as well.
Speaking of the House, lawmakers made progress toward advancing market structure legislation as well. The Clarity Act advanced out of both the Financial Services and Agriculture Committees after markup hearings. It's unclear when the full House may take up these bills, as well as when the Senate might start looking at market structure legislation. |
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- 17:00 UTC (1:00 p.m. ET) The U.S. Securities and Exchange Commission held the last of its crypto roundtables on Monday.
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- 14:00 UTC (10:00 a.m. ET) The House Agriculture Committee held a markup hearing on the Clarity Act, quickly voting to advance it 47-6.
- 14:00 UTC (10:00 a.m. ET) The House Financial Services Committee held a markup hearing on the Clarity Act, debating over two dozen amendments before ultimately voting to advance it 32-19.
- 19:00 UTC (3:00 p.m. ET) The Senate Agriculture Committee held a confirmation hearing for Brian Quintenz to run the Commodity Futures Trading Commission.
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- 18:00 UTC (2:00 p.m. ET) The Senate held the first cloture vote on the GENIUS Act, its stablecoin bill.
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- 16:30 UTC (12:30 p.m. ET) The Senate held another cloture vote on an amended version of the GENIUS Act.
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- (Wired) U.S. Customs and Border Protection buys U.S. travelers' domestic flight records from a data broker owned by airlines like Delta, American and United, Wired reports.
- (U.S. Department of Justice) The DOJ charged Iurii Gugnin on allegations of laundering $500 million using his crypto exchange Evita.
- (Wired) Silk Road founder Ross Ulbricht received $31 million in Bitcoin, apparently from someone affiliated with AlphaBay.
- (The Financial Times) Don Wilson's DRW bought $100 million in Trump Media and Technology Group to help that company's purchase of $2 billion in crypto. DRW was recently the subject of an SEC lawsuit, which the regulator dropped after Donald Trump took over as President.
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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 y’all next week! |
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