US Lawmakers Target August for Stablecoin and Crypto Market Rules

U.S. lawmakers are on track to pass legislation regulating stablecoins and the broader cryptocurrency market structure by as early as August, according to Kristin Smith, CEO of the Blockchain Association. Speaking at Blockworks’ 2025 Digital Asset Summit in New York on March 19, Smith said, “I think we’re close to being able to get those done for August […] they’re doing a lot of work on that behind the scenes right now.”

Smith’s timeline aligns with comments made by Bo Hines, executive director of the President’s Council of Advisers on Digital Assets. Hines noted on March 18 that he anticipates comprehensive stablecoin legislation will be finalized in the coming months.

“I’m optimistic when you have the chairs of the relevant committees in the House and the Senate and the White House that want to do something and you’ve got bipartisan votes in Congress to get it there,” Smith added.

At the same event, Democratic Congressman Ro Khanna expressed confidence that both the stablecoin and crypto market structure bills could be passed this year. “Congress should be able to get” them through in 2025, he said.

Khanna also pointed out that roughly 70 to 80 Democrats view stablecoin regulation as key to bolstering U.S. global influence by expanding access to dollars worldwide.

“For the first time, those are actually like something we’re able to get done, but to do that, you need to have at least 7 Democratic votes in the Senate,” Smith explained. “We already have 5 votes at the committee level,” she noted.

Momentum is building after the Senate Banking Committee last week approved the GENIUS Act—short for Guiding and Establishing National Innovation for US Stablecoins. The legislation proposes collateralization standards for stablecoin issuers and requires adherence to Anti-Money Laundering (AML) regulations.

In 2024, the House passed the Financial Innovation and Technology for the 21st Century Act, known as FIT21, which lays out rules for crypto market structure. The bill now awaits Senate approval to become law.

Industry leaders believe regulatory clarity will offer a greater boost to crypto markets than even the U.S. Strategic Bitcoin Reserve announced earlier this year. On March 6, President Donald Trump signed an executive order creating the reserve and a Digital Asset Stockpile, fulfilling a 2024 campaign promise.