House prepares second stab at a crypto market structure bill

The discussion draft is expected to be released by the end of the month

article-image

Andrea Izzotti/Shutterstock and Adobe modified by Blockworks

share

This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.


While stablecoin legislation has dominated recent headlines, House Representatives are in the final stages of drafting a crypto market structure bill, according to people familiar with the matter. 

I’m told that the discussion draft is expected to be released by the end of the month. The timeline aligns with President Trump’s goal of having both stablecoin and market structure bills passed by the end of this summer. 

Representatives will likely pull from the Financial Innovation and Technology for the 21st Century Act (FIT21), which the House passed last Congress. FIT21, among other things, sought to make the Commodity Futures Trading Commission (CFTC) the primary regulator for digital asset spot markets, shifting authority from the SEC. 

FIT21’s passage was largely celebrated — even by some members of the industry who were not completely onboard with details of the legislation — for being the first digital asset legislation to make it through a chamber of Congress. With bipartisan support, we might add: 71 Democrats voted in favor of FIT21. 

The House Financial Services Committee’s Digital Assets Subcommittee and the House Agriculture Committee each held hearings on crypto market structure earlier this month. Conversations focused on how best to divide authority between the SEC and CFTC.  

The STABLE Act in the House and the GENIUS Act in the Senate both await further action. Each bill passed their respective committee markups but neither has been scheduled for a floor vote. The two pieces of legislation are similar, although the GENIUS Act grants state regulators more authority over stablecoin issuers.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

Industry City | Brooklyn, NY

TUES - THURS, JUNE 24 - 26, 2025

Permissionless IV serves as the definitive gathering for crypto’s technical founders, developers, and builders to come together and create the future.If you’re ready to shape the future of crypto, Permissionless IV is where it happens.

Brooklyn, NY

SUN - MON, JUN. 22 - 23, 2025

Blockworks and Cracked Labs are teaming up for the third installment of the Permissionless Hackathon, happening June 22–23, 2025 in Brooklyn, NY. This is a 36-hour IRL builder sprint where developers, designers, and creatives ship real projects solving real problems across […]

recent research

Nillion_DeSci_Report_Template.png

Research

Nillion’s Monad Integration is poised to catalyze the next phase of DeSci’s evolution by eliminating key privacy bottlenecks. This synergy allows researchers, institutions, and DAOs to exchange sensitive data and insights securely while managing governance and payments onchain.

article-image

Celebrating the wisdom of a diamond-handed Bitcoin Legend

article-image

With the success of RWAs and stablecoins, DePINs could onboard the next wave of crypto users

article-image

Is crypto straying too far from things of value?

article-image

Firedancer and Solana ETFs look less significant than before

article-image

The newly passed House bill amplifies that strategic pivot for the Trump administration, from attempting austerity to running the economy hot

article-image

Unable to secure further funding, the game cycled through three different blockchains and at least five different game engines since 2018