US Lawmakers Aim to Pass Stablecoin Legislation by August
1min read United States lawmakers are poised to enact legislation governing stablecoins and cryptocurrency market structure by August, according to Kristin Smith, CEO of the Blockchain Association. Smith shared this update during the 2025 Digital Asset Summit in New York, echoing a similar prediction by Bo Hines, the executive director of the President’s Council of Advisers on Digital Assets, who also anticipates comprehensive stablecoin legislation in the near future. Smith's optimism is grounded in the bipartisan support and the collaborative efforts of key figures in both the House and the Senate, as well as the White House. She highlighted that the relevant committees are actively working on the legislation behind the scenes.
The Senate Banking Committee recently endorsed the GENIUS Act, which outlines guidelines for stablecoin issuers and mandates compliance with Anti-Money Laundering (AML) laws. In 2024, the House of Representatives approved the Financial Innovation and Technology for the 21st Century Act, known as FIT21, which establishes ground rules for crypto market structure. However, this bill still requires Senate approval to become law. Industry executives have underscored that regulatory clarity would be more beneficial to the crypto sector than the strategic Bitcoin reserve established by the current administration.
Bipartisan support for these bills is evident, with Democratic Congressman Ro Khanna noting that approximately 70 to 80 Democrats view stablecoin legislation as essential for enhancing US influence by expanding global access to dollars. Smith added that the industry already has five votes at the committee level and is close to securing the necessary bipartisan support to pass the legislation. The passage of these bills would represent a significant advancement in regulating the cryptocurrency market, providing much-needed clarity and stability for industry participants.
Ask Aime: What impact will the upcoming stablecoin legislation have on the cryptocurrency market in the U.S.?
