US House Introduces New Market Structure Bill

During a brief procedural session on May 29, the United States House of Representatives introduced an updated digital asset market structure bill to advance crypto regulation. The announcement comes as lawmakers accelerate efforts to establish rules for the growing $3.4 trillion cryptocurrency market.

US Crypto Regulation To Gain More Ground

American Journalist Eleanor Terrett stated on X that the digital asset market structure bill is a cornerstone of ongoing crypto regulation. Spearheaded by key Republican lawmakers, including Financial Services Committee Chairman French Hill and Agriculture Committee Chairman G.T. Thompson, the bill outlines a roadmap to manage digital assets traded and governed in the United States.

The legislation follows a discussion draft shared earlier in the month. It aims to clarify the legal framework for crypto companies, investors, and consumers.

Though the pro forma sessions rarely include major announcements, this introduction reflects Congress’s urgency to provide direction for the crypto space. A full hearing on the updated text is scheduled for June 4, while a broader markup session is planned for June 10. It is still uncertain if this bill will be among the measures up for debate, but its introduction signals growing momentum.

GENIUS Act and Stablecoin Bill Update

Alongside the market structure proposal, the Senate is preparing to review updates to the bipartisan GENIUS Act, a bill focused on stablecoins. 

Senator Bill Hagerty recently emphasized that the Stablecoin Bill is designed to bring US payments into the 21st Century, with a specific goal of boosting payment efficiency and reinforcing the strength of the U.S. dollar.

The act seeks to limit issues like slow transactions and cyber threats while encouraging the use of stablecoins in daily financial activities.

Lawmakers believe the legislation can help ensure the dollar remains dominant in a world where digital currencies are rapidly gaining traction. 

States and Bitcoin Reserve Legislation

While federal lawmakers focus on crypto regulation, states are also weighing in. Senator Cynthia Lummis announced that the Senate will focus on Bitcoin Reserve Bill after concluding talks on the GENIUS Act. 

The crypto regulation bill, introduced in March, proposes that the U.S. Treasury accumulate up to one million Bitcoin over five years to create a Strategic Bitcoin Reserve, echoing President Trump’s recently signed executive order. 

However, not all regions in the United States believe in crypto. Arizona Governor Katie Hobbs recently shut down bills that would have allowed the state to hold Bitcoin in its reserve funds, citing market volatility. However, she approved another law allowing digital assets that do not risk general state funds.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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