According to the source, Rep. French Hill helped drive House passage of the Financial Innovation and Technology for the 21st Century Act (H.R. 4763, FIT21) in May 2024, a market-structure bill that clarifies SEC and CFTC oversight of digital assets (source: Clerk of the U.S. House; Congress.gov; U.S. House Financial Services Committee). He served as Chair of the House Financial Services Subcommittee on Digital Assets, Financial Technology and Inclusion in the 118th Congress, overseeing related hearings and markups (source: U.S. House Financial Services Committee). The Clarity for Payment Stablecoins Act advanced out of the House Financial Services Committee in July 2023, signaling ongoing bipartisan work on a federal stablecoin framework (source: U.S. House Financial Services Committee). For traders, the next procedural steps to watch are Senate consideration of FIT21 and stablecoin legislation and scheduling updates on Congress.gov and the Senate Banking Committee docket, which determine timing for potential regulatory clarity affecting U.S. market access for BTC and ETH (source: Congress.gov; U.S. Senate Committee on Banking, Housing, and Urban Affairs).

According to @jchervinsky, the new US Senate crypto market structure draft explicitly clarifies that noncustodial software developers are not criminal money transmitters under Section 1960, the federal criminal money-transmitting statute (source: Jake Chervinsky on X, Sep 9, 2025; source: 18 U.S.C. § 1960). He describes this clarification as the litmus test for market structure, highlighting a clear distinction between noncustodial software and custodial financial intermediaries in the draft (source: Jake Chervinsky on X, Sep 9, 2025). For traders, the key takeaway is the draft’s express carve-out for noncustodial developers from Section 1960 criminal money-transmitter status, clarifying legal risk parameters for DeFi infrastructure and wallet software as the bill advances (source: Jake Chervinsky on X, Sep 9, 2025; source: 18 U.S.C. § 1960).

According to the report, Senator Tim Scott, chairman of the Senate Banking Committee, stated that legislation establishing rules for U.S. crypto markets will be finalized by September 30, potentially reducing regulatory uncertainty and stabilizing crypto prices for traders. Scott emphasized the need for the House to quickly approve the Senate-passed stablecoin bill (GENIUS Act), as this could expedite market clarity. However, challenges from the House and Senate Agriculture Committee may cause delays, as noted by Representative French Hill and Senator Cynthia Lummis, which could lead to short-term volatility in crypto markets.

According to Digital Sovereignty Alliance (@DSAForg) on Twitter, the GENIUS Act—a landmark stablecoin regulation bill—has officially passed in Washington D.C. (source: DSA Twitter, May 20, 2025). This new legislation establishes clear legal frameworks for stablecoin issuers in the U.S., enhancing regulatory certainty and potentially accelerating institutional adoption of regulated digital dollar products. Trading volumes for stablecoins and related cryptocurrencies are expected to increase as investors anticipate greater integration of compliant stablecoins into both crypto and traditional finance markets. These developments may drive renewed interest in U.S.-based stablecoin projects and DeFi protocols that utilize regulated digital assets, with significant implications for market liquidity and cross-border transactions.