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The House Financial Services Committee might mark up market structure legislation next week, while the Senate seems close to passing its stablecoin bill. You’re reading State of Crypto, a CoinDesk newsletter looking at the intersection of cryptocurrency and government. Click here to sign up for future editions. The narrative Here’s what’s clear: There are bills and they will probably get votes next week. Here’s what’s unclear: What all lawmakers might need to get enough votes to actually advance these bills, and if they’re there already or not. Why it matters The crypto industry has waited for years for Congress to pass legislation giving it some sort of regulatory clarity. Congress has taken a number of key steps this year already, but next week might see quite a few of these steps happen. Breaking it down Logistical details first. There will be markups in the House Financial Services Committee and the House Agriculture Committee on the market structure bill, the Digital Asset Market Clarity Act (otherwise known as just the Clarity Act) on Tuesday. That markup will likely end with lawmakers voting to advance the bill to the broader House of Representatives (it’s possible the vote will fail, but it currently seems unlikely). On the Senate side, lawmakers might hold a series of votes as early as Monday on the Guiding and Establishing National Innovation for U.S. Stablecoins of 2025 Act (otherwise known as GENIUS) to advance it. Senator Ruben Gallego, the Arizona Democrat who spearheaded a pause in the bill’s advancement, said in an interview on Thursday that he expects a massive bipartisan vote in favor of the legislation. It’ll need 60 votes to clear cloture (this is a second cloture vote) and a simple majority afterward to pass the Senate entirely. After that, it’s on to the House. “We’ve…

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Filed under: News - @ June 7, 2025 2:26 pm