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The House Financial Services Committee may mark up market structure laws next week, but the Senate appears to be approaching passing the Stubcoin bill.

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The clearest thing is: I have an invoice and will probably get a vote next week. What’s unclear is what all lawmakers may need to get enough votes to actually move these bills forward, and whether they are already there.

Why is it important?

The crypto industry has waited years for Congress to pass the law. Congress has already taken many important steps this year, but there could be a significant number of these steps next week.

I’ll break it

First, the logistic details. On Tuesday, there will be markups on the House Financial Services Committee and the House Agriculture Committee on Market Structure Bills, as well as the Digital Asset Market Clarity Act (known as the Clear Law). That markup could end with lawmakers voting to advance the bill into the broader House of Representatives (they may fail, but they don’t seem like this now).

On the Senate side, lawmakers may win a series of votes as soon as they can guide and advance national innovation in the 2025 Act (known if not). Sen. Ruben Gallego, an Arizona Democrat who led the suspension of progress in the bill, said in an interview Thursday that he hopes for a massive, bipartisan vote in support of the law. You will need 60 votes to clear the coagulation (this is the second coagulation vote), and then a simple majority to pass the Senate fully. After that, it’s at home.

“We’ve worked with our Republican colleagues in a very honest and serious way, and I think they do the same,” he said. “They adopted many of the fixes we added. They continue to work with other Democrats who have other concerns, but I believe that if all the changes are made, it will be a very robust and comprehensive bill that we all can be proud to vote.”

In other words, by the end of next week, the House may have both a market structure bill that it will consider, amend and vote on, and a stable law committee, the House of Commons’ Financial Services Committee version of the stable conduct has already passed away from that committee.

Whether both bills will reach US President Donald Trump’s desk by the August break is an open question. Washington, D.C. policymakers seemed skeptical this week that both bills would be passed by their deadline, but by then Stubcoin’s law could clear the House and Senate.

One theory that is flying around is that the Senate Genius Act will be tagged with the House of Representatives Clear Act, and that the House could soon vote for both the Market Structure Bill and the Stubcoin Bill, sending both back to the Senate. To be clear, this is not a solid plan, but something that can be suggested by various individuals. But I’ve heard that if this path is pursued, there will likely be pushbacks from both the House and Senators.

Another likely possibility is that the Market Structure Act will likely take some time to the end of the year.

This is despite continued Democrats’ concerns that Trump is enriching himself through his various crypto ventures. Just this week, Trump’s media company Truth Social applied for a Spot Bitcoin Exchange Sales Fund (ETF) with Yorkville America and NYSE Arca. Assuming this product is approved, Trump entities pave a different path to profiting from industry interest.

More Reads of the Week:

Trump’s ciphers are at the forefront as US lawmakers consider crypto market structure bills

According to Dem Lawmaker, the Senate’s Stubcoin Law

House Dem receives bonus hearings in crypto market structure and attacks Trump’s conflict

Circle has surged with its NYSE debut, showing a strong appetite for Stablecoin publishers. The circle was published and the stock was initially traded at $69, but after initially priced at $31, it surged to $100. The shares closed at $83 on Thursday.
Trump’s Truth Social takes the following steps when launching a Spot Bitcoin ETF: In a partnership with NYSE ARCA and YORKVILLE AMERICA DIGITAL TRUMP Media, Crypto.com’s Foris Dax Trust Company has been custodian to submit a Bitcoin Exchange-Traded Fund called the Truth Social Bitcoin ETF. Both the 19B-4 and S-1 documents have been submitted. This means that as soon as the Securities and Exchange Commission grants the application, the 240-day watch is turned on.
Trump’s team “knows nothing” about the obvious “Trump Wallet” release Trump’s Memes plans to work with Magic Eden to launch a Trump Crypto Wallet, but President Donald Trump’s children say they don’t know anything about it. World Liberty Financial, a Trump-related project that does other encrypted things, is also planning to issue a wallet, reportedly sending a halt and assuming stakes to Magic Eden.
France accuses 25 people, including six minors, in the case of a code-teared man. French authorities have arrested 25 different people, linked to attempts to lure different crypto executives and their families.
Suspects of French code-tooker arrested in Morocco: The group of 25 is said to have had a ringleader who was arrested by Moroccan police.
Dems says they are blocked from information about hearing invoices in the crypto market structure: Democrats on the House Financial Services Committee say they don’t get much technical assistance from regulators during the Clarity Act.
The US seizes Darknet, internet domains and cryptocurrency funds related to illegal transactions of credit card data. US authorities seized 145 Darknet and Internet domains tied to a market called Bidencash.
Moonpay is eager to approve Bit Resense in New York: It’s very easy here.

Tuesday

17:00 UTC (1pm ET) House Financial Services Committee Chairman French Hill said the House and Senate stubcoin bills are close, but some work is needed to be done to ensure perfect alignment with each other.

Wednesday

14:00 UTC (10am ET) The House Financial Services Committee and the House Agriculture Committee each held hearings to discuss clear legislation bills.

Friday

13:00 UTC (ET 9:00 AM ET) Democrats on the House Financial Services Committee held another hearing focusing on President Donald Trump’s crypto partnership and the market structure bill introduced by House Republicans last week. (I’m on the road this week and the calendar was done before the hearing was announced, so it’s not on the calendar above).

(AP News) President Donald Trump and Elon Musk made a very public social media spit on Wednesday and Thursday.

If you have any questions or thoughts about other feedback I want to share next week, please email me to nik @coindesk.com or find me at bluesky @nikhileshde.bsky.social.

You can also join group conversations on Telegram.

Check out ya’ll next week!