Race to September: Crypto Rules Shaping Up(ish) in the Senate, Stuck in the Mud in the House
Senate aims for autumn conclusion on crypto regulations as House maintains secrecy
The legislative race for crypto regulations is heating up, with the Senate sprinting toward a September finish line, but the House is still at the starting block, creating a marathon longer than expected.
During a Thursday press briefing, Senate Banking Committee Chair Tim Scott set a new target for completing crypto market structure legislation: September 30. Joined by Senator Cynthia Lummis and President Trump's digital asset advisor Bo Hines, Scott expressed confidence that this timeline is "realistic," although it may extend beyond the president's preferred August deadline.
However, while the Senate appears unified, the House remains eerily quiet. Financial Services Chair French Hill has yet to commit to the same schedule, casting a shadow of uncertainty and potential roadblocks ahead.
Is Washington's Crypto Consensus Crumbling?
Behind Scott's confident September deadline lies a growing divide between congressional chambers. The Senate Banking Committee moves with unusual synchronicity, even securing buy-in from digital assets skeptic Sherrod Brown on key provisions. In contrast, Hill remains tight-lipped on the House's intentions to play ball.
Even within the House, where the Clarity Act has advanced through key committees, there's little clarity on whether leadership will embrace the Senate's GENIUS Act or continue to advocate for its own version of stablecoin legislation.
The Senate's GENIUS Act, passed last week with bipartisan support, aims to impose Fed-backed reserve requirements and prohibit tech giants like Amazon from issuing tokens. Hill's competing bill, already cleared by House committees, offers more flexibility for state regulators and foreign issuers—philosophical differences that represent a clash over whether crypto should be under Washington's control or adopted in a decentralized regulatory approach.
There's also political chess being played. Trump's August signing deadline adds pressure, but it doesn't alter the procedural hurdles. Even if the Senate finalizes its draft by September, reconciling it with House proposals could stretch into late fall.
For all the urgency from the Senate podium, the path to actual crypto legislation remains uncertain. The political choreography between chambers, committees, and competing visions has yet to sync.
The longer this drags on, the more ground U.S. markets lose. The EU's MiCA framework is reshaping global stablecoin flows, while Asia's crypto hubs capitalize on America's regulatory stasis. Every delayed vote, every unresolved dispute over state versus federal oversight, pushes another wave of innovation offshore.
Biswap's Rebound Post-Binance Delisting, New Roadmap in Sight
In separate news, Biswap saw a spike following its delisting from Binance, with investors taking advantage of the dip and the platform's upcoming roadmap sparking renewed interest. The delisting was due to Binance's ongoing efforts to improve the quality of listings on its platform, pushing smaller projects like Biswap to re-evaluate their growth strategies. The new roadmap includes updates to the farming mechanics, improved tracking of DeFi projects, and plans to expand the platform's decentralized exchange offerings.
- The Senate's GENIUS Act, recently passed with bipartisan support, intends to impose Fed-backed reserve requirements and prohibit tech giants like Amazon from issuing tokens, such as dex tokens.
- In the House, political news surrounding the Crypto market is overshadowed by a lack of commitment towards the same September 30 deadline set by the Senate, involving policy-and-legislation, political figures, and general news.
- If the Senate finalizes its crypto legislation draft by September, aligning it with House proposals could take the process into late fall, affecting the overall cryptocurrency market, including projects like Biswap.
- Following its delisting from Binance, Biswap has witnessed a surge in interest from investors due to its new roadmap, which encompasses updates to farming mechanics, improved DeFi project tracking, and potential expansions to its decentralized exchange offerings, underscoring the resilience of the crypto market.
