- House GOP divided over passing GENIUS Act alone or with market reforms
- Industry split with some pushing for quick stablecoin clarity and others for combined bills
- Trump urges clean GENIUS Act passage while Senate shows support for standalone approval first
A legislative debate is intensifying on Capitol Hill as Republican lawmakers and the crypto industry weigh how best to advance two major pieces of crypto legislation: the GENIUS Act and market structure reforms. The discussion centers on whether to pass the GENIUS Act independently or bundle it with the House’s market structure bill before sending it to the Senate.
The Senate approved the GENIUS Act last week, and the bill reached the House on Monday. However, House Republicans remain divided on how to proceed. House Majority Whip Tom Emmer emphasized that the GENIUS Act could advance in the House only if it is paired with the CLARITY Act, the House’s market structure legislation. House Majority Leader Steve Scalise echoed this position, stating that combining the bills aligns with industry preferences.
In contrast, some factions within the crypto sector advocate for passing the GENIUS Act first to deliver immediate regulatory clarity, particularly on stablecoins, before addressing market structure reforms. Amanda Tuminelli, executive director of the DeFi Education Fund, remarked that the GENIUS Act “would provide much-needed regulatory clarity on stablecoins” and urged swift passage.
Industry and Political Pressure Mounts
A large group of industry players, including Coinbase and venture capital firm Andreessen Horowitz (a16z), supports passing the bills together. They view this combined approach as the only feasible path to achieving market structure reform this year.
Meanwhile, President Donald Trump publicly called for a rapid and unamended passage of the GENIUS Act via a Truth Social post, urging the House to approve a “clean” version with “no delays and no add-ons.” According to two Capitol Hill sources, the White House has pressured House Republicans to heed Trump’s directive, intensifying the urgency around the legislation.
Senate Signals Support for Standalone GENIUS Act
In parallel, Senate Republicans Bill Hagerty (TN), Tim Scott (SC), and Cynthia Lummis (WY) signaled efforts to advance market structure legislation. At the same time, the House prepares to pass the GENIUS Act to the president. Their coordination suggests openness to passing the GENIUS Act independently first.
However, Lummis noted the existence of differing opinions even within the industry. She stated, “The House is going to need to do what they think is best,” acknowledging the lack of consensus on the legislative approach. Lummis also chaired a recent Senate subcommittee hearing focused on market structure principles, underscoring ongoing Senate engagement with the issue.
Uncertain Path Ahead
As the House debates the legislative pathway, the choice between bundling the GENIUS Act with market reforms or passing it as a standalone bill remains unsettled. The divide reflects competing strategic considerations among lawmakers and industry stakeholders.
The resolution will determine whether stablecoin regulation advances swiftly or if it becomes part of a broader, more complex market structure overhaul. Lawmakers face mounting political and industry pressure to finalize crypto regulatory frameworks within the current session.
