House Republicans revealed a draft discussion of a market structure bill, but all eyes this week were on the Senate, where a largely Top species efforts to promote stablecoin legislation ran up against a wall.

PS: I’m in Toronto next week for consensus. In the city? Come and say hello.

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The story

StableCOin and market structural bills are the two big things about crypto that Congress is expected to come to President Donald Trump’s desk this year. There was a press conference by Crypto and AI Czar David Sacks with chairman of Parliament and the Senate Committee. Everyone had this gross time deadline for “before the August spare.”

Why it matters

Of these two bills, stableCOin legislation should be the easier lift. It is focused on just part of the crypto sector, while the bill for the market structure will define how a much wider part of the industry is working and monitored by federal regulators. And until just over a week ago, the StableCoin bill sailed pretty much with a few problems. Now – although it is still expected to be law – the time of its passage is far less secure.

Breaks down it

First thing is first: No one that this reporter has spoken to this week thinks the Senate StableCoin -Bill proposal – indicative and establishment of national innovation for US StableCecoins (Geni) Act – is dead. According to several people who were familiar with the situation, legislators were already back to negotiate after Thursday’s failed vote, and legislators could vote again as soon as next week – potentially even Monday.

Thursday’s vote failed after the Democrats raised an alarm last weekend that certain provisions on national security, the health of the financial system and accountability, although Republicans claimed that continuous stablecoin use requires rapid passage. US President Donald Trumps, who benefits stableecoins, also raised alarm bells to legislators, senators introduced more bills that would prevent the president from issuing financial assets, including “End Crypto Corruption Act,” which would block all members of the congress, the President, Vice -President, Other Performing Branches and their families from ” endoring or sponsoring of crypto assets. ”

On Wednesday, a person told Coindesk that it seemed that an agreement could be in place so that Democrats would have a vote in than the Crypto Corruption Act, either as a change of the Genius law or as an independent bill, in front of the very procedural vote on the genius law itself.

This ultimately did not happen where legislators continued directly to the so -called coagulation voice on Thursday; It fell 48-49.

The vote did not fail on party lines either: Although no Democrats voted for the bill, Republicans Josh Hawley and Rand Paul 46 Democrats joined the proposal (majority leader John Thune voted initially in favor of the bill, but tilted in a procedural step that will bring him back to a vote later).

Among other questions was the fact that there was no account text available at the time the vote started.

The clot mood that would open 30 hours of debate is probably the most important piece of gearing democrats have to try to get their priorities into the bill because it needs 60 senators to pass. After the debate, there will be another clotation vote before the vote in the final passage, but it would be difficult for a legislature who voted to open the debate to go back afterwards, one of the individuals told Coindesk.

Having their priorities sorted before they got to the final set of votes would also generally give legislators more comfort, the individual said.

None of the persons spoken to Coindesk expect that an actual provision that blocks the US president from issuing or being tied to an issuer of a stablecoin will become part of the final bill.

One of the individuals said that ongoing negotiations are more focused on how foreign issuers are treated and provisions on money laundering.

A broader concern was that a fierce delay in adopting the stableecoin legislation can curb the process of promoting the Bill on Market Structure, which will rewrite the law over how the Commodity Futures Trading Commission and Securities and Exchange Commission oversee digital assets, including how cryptocurrencies can be defined as securities. A discussion draft was introduced in the house this week.

If the Senate is voting on StableCOin -Bill proposal for the next week or so, it should not hold up the second bill, two people told Coindesk.

• US Crypto Market Structure Bill Revealed by Removes: As the headline says. More about this in a few weeks.
• New Hampshire becomes the first state to approve the crypto reserve -law: The headline is pretty self -explanatory here.
• Samorai -Tevebog Proseclators say that the delayed reveal of the finc was not a brady overpower: Defense Attorney for Samorai -Tevebog developers claimed the other day that DOJ withheld decisive evidence in the form of notes about a conversation with officials in financial crime networks who told prosecutors that Samorai Wallet was not a money transmitting business. Prosecutors claimed on Friday that they did not detain this proof.
• SEC, Ripple Ink $ 50m Settlement Agreement, Ask New Judge for Green Light: Ripple and SEC have asked a judge to okay the settlement agreement they first announced in March.
• Bettors lose millions that predict the new pope when the polyming edge fizzles out: There is a new pope, and the polyming field gave him a 1% chance of succeeding Pope Francis.
• Binance -founder CZ confirms that he has applied for Trump wisdom after prison period: Changpen Zhao said he asked us President Donald Trump for a pardon after his guilty plea for violating a violation of banking secret.
• CFTC Falls Appel in Kalshi -Choosletting Case: CFTC seems to have cleared the way for political event contracts that are officially launched in the United States after dropping his appeal from Kalshi’s court win from 2024.
• Senate’s Democrat says he is looking at Trump’s cryptic businesses: Senator Richard Blumenthal, the ranking member of the Senate Homeland Security and Government Affairs Committee’s Permanent Sub-Committee for Investigations, wrote letters to leaders on two Trump-associated devices asked about their crypto projects.
• COINBASES SEC documents reveal new attorney General Wanted ETH declared security: New York Attorney General Latitia James’ office asked Securities and Exchange Commission to call ETH a security during his case against Kucoin, according to a set of documents Coinbase received from SEC according to a request for freedom information.
• OCC: Banks can buy and sell their customers’ crypto assets that are in custody: The Office of the Controller for the Currency published an interpretive letter telling banks that they can buy and sell crypto assets for customers to be held in custody and use third-party services.
• As Meta said to Mull -Tokens, Senator Warren urges to block Big Tech StableCeCoins: Meta (formerly Facebook), who famously tried to enter Krypto in 2019 and triggered a massive global setback for its efforts, slides with the help of stablecoins again, per. Fortune. Senators Elizabeth Warren and Josh Hawley have both expressed concern.

Tuesday

• 10:00 A (14:00 UTC) House’s financial services and Agriculture Committee was scheduled to hold a joint consultation on the market structure of digital asset, but FSC Ranking member Maxine Waters opposed and instead held his own consultation on Trump’s crypto-bindings.

Thursday

• (404 media) It turns out that former national security adviser Michael Waltz did not use signal, but rather an unofficial version called Telemessage, which was then hacked and later suspended services.
• (San Francisco -standard) Jeffy Yu seemed to fake his own death to pump a memcoin or something. The once -late Yu is alive and kicks at home with his parents’ home, the San Francisco standard reported.

If you have thoughts or questions about what to discuss next week or any other feedback you would like to share, feel free to e -mail me at [email protected] or find me at bluesky @nikhileshde.bsky.social.

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See you next week!