The U.S. House of Representatives passed the Digital Asset Market Clarity Act in a 294-134 vote, securing bipartisan support for a bill aimed at regulating the country’s cryptocurrency markets. This marks the second time the House has approved crypto market structure legislation, but this session carries greater weight as the Senate shows renewed interest in advancing its version. Tim Scott, Chairman of the Senate Banking Committee, said that the House’s work will be a “strong template,” and emphasized his goal of passing legislation by September 30, 2025. The bill, also known as the Financial Innovation and Technology for the 21st Century Act (FIT21), saw support from 216 Republicans and 78 Democrats, an increase from last year’s 208 Republicans and 71 Democrats.
Following this vote, the House moved toward approving the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which has already passed the Senate with a 68-30 vote. The GENIUS Act outlines the operational framework for stablecoin issuers in the U.S. and, once approved by the House, will head directly to President Donald Trump for signing. Trump had previously set a deadline before the August recess to finalize both bills. Despite some internal opposition earlier in the week, he claimed success in swaying hesitant lawmakers, stating he had "brought them back on board."
