Two cryptocurrency-related bills are currently under review in the U.S. Congress. U.S. Treasury Secretary Scott Bessent stated at a congressional hearing on 5/7 that he supports the direction of the Stablecoin and Market Structure Bill, believing it will help the United States lead in the digital asset domain. However, the Democratic camp is furious about a "private dinner" controversy involving Trump and TRUMP token holders, choosing to collectively boycott the review process, with tensions high within Congress regarding crypto legislation.
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ToggleKey Timeline and Event Review
May 6: Republican Party Proposes Two Draft Bills
Digital Asset Market Structure Bill Draft: Proposed by Republican House representatives, regulating compliance responsibilities for trading platforms, issuers, and custodial institutions.
GENIUS Stablecoin Bill: Establishes regulatory frameworks for stablecoin issuance mechanisms, reserves, and issuer responsibilities, scheduled for Senate voting on 5/8.
May 7: Treasury Secretary Bessent Attends House Hearing, Supports Bill
Bessent stated that the United States should become the preferred location for global digital assets to maintain technological advantages over China.
"Good market structure and stablecoin legislation will help achieve this goal." Aligns with Trump's 2024 campaign claim: "Make America the Global Crypto Capital".
Why These Two Bills Affect the Crypto Industry
Stablecoin Legalization and Regulation: The GENIUS Bill will establish legal basis and regulatory mechanisms for the U.S. stablecoin market, significantly impacting mainstream stablecoins like Circle (USDC) and Tether (USDT).
Exchanges and Issuance Platforms to be Regulated: The Market Structure Bill clearly distinguishes between "crypto assets as securities or commodities", crucial for compliance strategies of exchanges like Coinbase and Binance.
Policy Aligning with Trump: Treasury Secretary Bessent's direction aligns with Trump's, leading market expectations of a potential "Trump-version crypto regulatory approach" in the coming months.
Democratic Party Pushback: Criticizing Trump's Crypto Profit Conflict, Collectively Blocking Review
The day before Bessent's support, Democratic representatives collectively walked out of the House chamber, protesting a "private dinner" controversy involving Trump and TRUMP token holders, and specifically questioning the political motivations behind these two bills.
House Financial Services Committee Democratic Leader Maxine Waters led the boycott, calling for priority investigation of "Trump's crypto conflict of interest".
9 Senate Democratic senators jointly issued a statement opposing the current version of the GENIUS Bill, demanding enhanced anti-money laundering, foreign issuer restrictions, and national security safeguards.
Although the Republican Party currently holds a majority in both congressional chambers, the smooth passage of these two bills remains uncertain.
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Risk Warning
Cryptocurrency investment carries high risk, with potentially significant price volatility. You may lose all your principal. Please carefully assess the risks.
