It was a great time for the Cryptography of the USA. When the House of Representatives cleared the law of clarity of the digital asset market that would establish the regulatory stage for the industry. But before the dust was established in that striking vote of 308-122, the Senate was working on a separate but similar bill that will surely steal the show.
In the same way that President Donald Trump relied on the legislators of the House of Representatives to approve the Senate establishment bill as written, without putting his own stamp on him, any market structure legislation that clears the most difficult obstacle of the demand of 60 votes of the Senate is probably a carefully balanced commitment that the administration will want to approved as the house.
Throughout the American policy trip of Crypto, the Chamber has taken an early advantage in the elaboration legislation, and the Senate has been the most difficult battlefield. That has not prevented the Republicans from the House of Representatives, such as the majority, the Whip Tom Emmer and the president of the Financial Services Committee of the House of Representatives, French Hill, to urged the Senate to take their law of clarity and approve it without review.
“The Senate must end the work in the future Pro-Crypto of the United States and approve the clarity law,” Emmer wrote, a Republican from Minnesota, in a publication of social networks in X last week. If the Senate approved the bill of the chamber without changes, it would be moved directly to the Trump desktop.
But pro-Crypto legislators in the Senate have their own ideas and are trying to incur a strategy that satisfies enough Democrats there so that the final bill, as is called, receives a great shock of democratic support in their final vote of the Senate before addressing the camera for a possible signature.
So, here are the steps you must take before cryptographic companies are officially regulated and completely in the United States:
- The senators of both parties finish writing and modify the bill, which is a process that can be dragged next month for the Senate Agriculture Committee, one of the two committees they need to sign.
- The Senate Banking Committee and the Agriculture Committee vote to send the legislation for a floor vote.
- An amended version receives consideration throughout the Senate, where a majority of 60 votes is generally required to move the legislation.
- If approved, the bill obtains a vote in the Chamber, which had already overwhelmingly accepted the law of similar clarity.
- If you receive a yes in the Chamber, the bill is signed by President Trump, a result that Senator Cynthia Lummis suggested that it will probably not happen before the end of the year.
- Then, the implementation begins among the many federal agencies that need to write the real regulations that the industry must follow. It is known that this process has been terminating the rules for years.
The Senate bill, such as the clarity law before him, would establish a clear borders between the labels for digital assets and what agencies should regulate them. Although the Law of the National Innovation Law of National Innovation for the United States (Genius) is already the law to regulate Stablecoin issuers, the next bill will address much of the rest of the industry, and it is likely to raise the Commission of Commerce of Basic Futures to a main role in the cryptographic world.
In the legislative work of the Senate so far, the public has only seen a long discussion draft of 182 pages published by the Republicans. It has not yet been formally introduced, although the members of the Senate Banking Committee have said that they would like to take it to the amendment stage in a couple of weeks and establish it for a vote of the committee. (However, this process may not be as soft as they expect, since Republican senator John Kennedy of Louisiana has already made it clear that he thinks he is not yet ready).
In addition to the usual difficulties of the bandwidth of the Senate, the two parties are currently in what could enter a tense confrontation on the United States expenses plan, in which a government closure is coming again if they cannot find common land. The nature of the Senate can mean that it works as a one -time camera.
“I do not want to put an artificial deadline at all, because we are in the midst of the negotiations about whether we are going to have a bipartisan budget,” said Senator Kirsten Gillibrand, the New York Democrat who has been working towards bipartisan cryptographic legislation for years. “Then, the most important issue with which Congress has to deal at this time is the fiscal cliff.”
That negotiation “will consume the time of many people,” he said at a Coendesk event in Washington last week.
Once a cryptographic law project clears the Senate, Trump’s new cryptography advisor, Patrick Witt, told Coinndesk in an interview that the White House would expect to have written in close contact with the legislators of the House of Representatives and that it should be approved by that camera as written.
But even if the long -awaited market structure legislation becomes law at the end of 2025, then what can be an even longer process begins to be interpreted and translated into the new regulations that will govern the sector through several federal agencies. Regulators such as the Bag and Securities Commission, CFTC and the Financial Crime Control Network of the Department of Treasury (FINCEN) have to dig in their requirements and discover how to meet them, a process that implies making proposals and putting them for public comments.
The typical regulation process can take a year or two, even when it is not too complicated or controversial. This is a completely new regulatory field, and has a higher level of public interest than some arcane review of securities regulations. The comments will be numerous.
The last time that the United States financial regulators assumed a massive project that involved multiple new regulation sands was as a result of the 2010 Dodd-Frank law, and there is still a central aspect of that law that regulators have not implemented.
At the time, the regulatory apparatus of the United States would become depth in 2026 before producing regulations, and new financial standards have historically come with an implementation window of one year or two before they must be followed.
The clarity law was effectively only an initial gun.
Read more: Crypto Bills’s father, French Hill, says that the effort of the market structure should adjust the genius
