As stablecoin legislation takes the spotlight, House Representatives are finalizing a crypto market structure bill. A discussion draft is anticipated by the end of the month, coinciding with plans to pass both stablecoin and market structure bills by summer's end. The new bill is expected to draw from the Financial Innovation and Technology for the 21st Century Act (FIT21), which previously positioned the Commodity Futures Trading Commission (CFTC) as the main regulator for digital asset spot markets, enhancing regulatory clarity by reducing SEC authority over these areas. FIT21 received broad bipartisan support, including votes from 71 Democrats. Recent hearings by the House Financial Services and Agriculture Committees addressed the division of regulatory responsibilities between the SEC and CFTC. Two pending bills, the STABLE Act and the GENIUS Act, aim to enhance stablecoin regulation but have yet to reach a floor vote. Notably, the GENIUS Act extends more authority to state regulators.

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