US lawmakers target stablecoin legislation by August

The U.S. lawmakers are on track to pass legislation governing stablecoins and cryptocurrency market structure by as early as August 2025.

This timeline is supported by Kristin Smith, CEO of the Blockchain Association, and Bo Hines, Executive Director of the President's Council of Advisers on Digital Assets, who both expressed optimism about the progress being made on these bills.

The Senate Banking Committee recently approved the GENIUS Act, which aims to establish a comprehensive regulatory framework for payment stablecoins in the U.S.

This legislation would define payment stablecoins and require issuers to comply with Anti-Money Laundering (AML) laws and maintain collateralisation guidelines. 

Democratic Congressman Ro Khanna believes that Congress can pass both stablecoin and crypto market structure bills in 2025, citing bipartisan support and the importance of stablecoin legislation for expanding global dollar usage and enhancing U.S. influence.

House Majority Whip Rep. Tom Emmer has committed to finishing work on stablecoin and crypto market structure legislation before the August recess, aligning with President Trump's request.

The proposed bills are expected to provide clarity on regulatory frameworks, which could boost innovation and confidence in the U.S. crypto sector.

"I’m optimistic when you have the chairs of the relevant committees in the House and the Senate and the White House that want to do something and you’ve got bipartisan votes in Congress to get it there," Smith noted.

This optimism reflects the growing consensus among lawmakers and industry leaders that clear regulations are essential for the growth and stability of the cryptocurrency market.