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During a May 7 hearing before the House Financial Services Committee, U.S. Treasury Secretary Scott Bessent expressed support for two significant cryptocurrency-related bills under consideration in Congress: a market structure bill and the GENIUS stablecoin bill. Bessent emphasized the importance of establishing the United States as the “premier destination for digital assets,” highlighting that robust market structures and stablecoin legislation are essential to achieving this goal.
These remarks align with President Donald Trump’s pro-crypto stance, as he has advocated for making the U.S. the “crypto capital of the world.” The GENIUS stablecoin bill is scheduled for a Senate vote on May 8, while the market structure bill was introduced by House Republicans on May 6.
However, the legislative process has encountered political obstacles. On May 6, Representative Maxine Waters led a walkout during a hearing on the market structure bill, citing concerns over “Trump’s crypto corruption.” Additionally, nine Senate Democrats have announced their opposition to the GENIUS bill in its current form, calling for stronger anti-money laundering measures and safeguards against foreign influence.
Despite these challenges, the Republican majority in both chambers may still advance the legislation. The outcome will significantly influence the regulatory landscape for digital assets in the United States.
