Key Points:

• Recently, revisions to the House of Representatives’ Clarity Act aimed at establishing clear regulations for the U.S. crypto market have been discussed, particularly regarding the stablecoin legislation which is still being finalized.
• Senator Cynthia Lummis, a leading figure in the Senate’s cryptocurrency initiatives, expressed her intention to honor the modifications made by the House regarding the GENIUS Act on stablecoins.
• Lummis and Hill have set an ambitious target of completing the market structure bill by the end of this year.

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U.S. Representative French Hill is observing from afar as senators revise their Digital Asset Market Clarity Act. Both Hill and Senator Lummis believe that one goal of the new legislation should be to amend the stablecoin framework established by Congress.

So far, the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act is regarded as a foundational success for the crypto industry and its advocates in Washington. Federal regulators are already taking steps to oversee U.S. stablecoin issuers based on this law. While the new adjustments may still be impactful, the changes aim to strengthen transparency and accountability within the sector, as evidenced by the detailed proposals included within the House’s recent bill.

“We just thought these were ways to make GENIUS stronger and better, based on work we’ve done in the House,” Hill stated during his recent remarks at a CoinDesk Policy and Regulation event in Washington.

During the same event, Senator Lummis noted that the Senate’s market structure bill will likely result in alterations to the stablecoin law.

Further Insights:

Read More: Senators Still Hopeful for Crypto Market Structure Law by End of Year

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Sen. Cynthia Lummis
Rep. French Hill
crypto legislation
Regulation
U.S. Senate