GENIUS Act Vote in Two Weeks as Coinbase Lobbies to Delay Standalone Stablecoin Bill, House Prepares FIT21 Draft

Congress is advancing two major pieces of cryptocurrency legislation: a stablecoin bill and a broader market structure bill, with both the House and Senate preparing for potential floor votes in the coming weeks. The Senate is expected to bring its stablecoin bill, known as the GENIUS Act, to a vote within two weeks, while the House Financial Services Committee is finalizing a draft of a market structure bill, expected to be released by late May. The House bill is expected to be similar to last year's FIT21 bill, with changes to how decentralization and control are defined for regulatory purposes, affecting whether the CFTC or SEC has jurisdiction. The stablecoin bills would provide a legal framework for issuers of stablecoins, digital assets pegged to the U.S. dollar, and have passed key committee votes in both chambers. President Trump has publicly stated his goal of having both the stablecoin and market structure bills signed into law by August. Coinbase, a leading U.S. crypto exchange, is lobbying Congress to delay a standalone vote on the stablecoin bill, preferring that it be combined with the market structure bill. Coinbase's concern is that if only the stablecoin legislation passes, there may not be sufficient momentum or political appetite to subsequently pass the FIT21 market structure bill. Andreessen Horowitz is reportedly sympathetic to Coinbase's strategy but is not actively lobbying for a delay. This position has created tensions within the crypto industry, as most other companies and advocacy groups, including the Digital Chamber, are urging lawmakers to pass the stablecoin bill immediately. The passage of stablecoin legislation could also facilitate initiatives such as Circle's planned IPO. Key lawmakers, including Rep. French Hill (R-AR) and Rep. Mike Haridopolos (R-Fla.), have expressed support for considering both bills together. Rep. Hill has stated that the House spent part of the Easter break seeking technical assistance from industry, the SEC, and the CFTC for an updated draft of the FIT21 market structure bill. The White House is pressuring Congress to pass both bills by August, emphasizing the importance of regulatory clarity to maintain U.S. leadership in the crypto sector.