US lawmakers are on track to pass legislation setting rules for stablecoins and the cryptocurrency market structure, potentially as soon as August.
Timeline for Legislation Passage
Kristin Smith, CEO of the industry advocacy group Blockchain Association, stated at Blockworks’ 2025 Digital Asset Summit in New York that the stablecoin and crypto market structure bills could be approved by August. Her timeline mirrors a similar forecast by Bo Hines, executive director of the President’s Council of Advisers on Digital Assets, who anticipated comprehensive stablecoin legislation in the coming months.
Bipartisan Support for Initiatives
At the March 18 Summit, Democratic Congressman Ro Khanna expressed confidence that Congress will be able to pass the stablecoin and market structure bills in 2025. Approximately 70 to 80 Democrats view stablecoin legislation as crucial for promoting US influence by expanding access to dollars globally. Smith added that success requires at least seven Democratic votes in the Senate, while five votes are already secured at the committee level.
Current Status and Expectations
Last week, the Senate Banking Committee approved the GENIUS Act, which sets collateralization guidelines for stablecoin issuers and mandates compliance with AML laws. In 2024, the House of Representatives passed the Financial Innovation and Technology for the 21st Century Act, also known as FIT21, establishing ground rules for crypto market structure. The bill still requires Senate approval to become law.
Crypto industry executives anticipate that regulatory clarity in the US will provide more benefits than a strategic Bitcoin reserve, with stakeholders looking forward to clear guidelines for innovation and institutional adoption.
