- Capitol Hill faces mounting pressure as GOP leaders and crypto firms debate whether to pass the GENIUS Act with market reforms.
- The crypto industry remains divided with Coinbase backing a package deal while DeFi voices push for swift passage of the GENIUS Act alone.
- Senate and House lawmakers clash on crypto strategy as Trump urges fast-tracking the GENIUS Act without delays or additional provisions.
Eleanor Terrett reported on X about a CNBC interview involving Senator Cynthia Lummis. According to the reporter, the senator hopes the Senate and House will find common ground. The goal is to pass the GENIUS Act and the crypto market structure bill. However, lawmakers remain split on whether to pass them separately or as a legislative package.
The GENIUS Act, which recently cleared the Senate, landed in the House this week. Now, a debate is raging on how to proceed. House Majority Whip Tom Emmer insisted the Act must be tied to the House’s market structure bill — the CLARITY Act. Similarly, Majority Leader Steve Scalise claimed this combined strategy reflects the crypto industry’s overall preference.
Industry Faces Internal Rift Over Strategy
However, the crypto industry is not fully aligned. A strong lobbying group, including Coinbase and a16z, wants both bills passed together. They believe packaging them is the only feasible route to comprehensive regulation this year. These firms see synergy between stablecoin clarity and market infrastructure reform.
Conversely, other voices within the sector are calling for urgency and simplicity. DeFi advocates argue that passing the GENIUS Act now brings immediate clarity on stablecoins. Amanda Tuminelli of the DeFi Education Fund emphasized that regulatory clarity is overdue. She believes separating the bills ensures faster progress without political gridlock.
Moreover, political momentum continues to escalate. Last week, Donald Trump urged Congress via Truth Social to pass a clean GENIUS Act immediately. He called for “no delays and no add ons,” adding direct pressure on Republican lawmakers. Consequently, House Republicans are now juggling political loyalty and legislative strategy.
Senate Movement Adds to Complexity
Meanwhile, the Senate is forging its own path. Senator Bill Hagerty confirmed collaboration with Senators Tim Scott and Cynthia Lummis on advancing market structure principles. Their approach leans toward passing the GENIUS Act first before addressing market issues. However, not all senators seem unified, adding further complexity.
Lummis acknowledged the industry’s split stance. “There’s a divergence of opinion, even within the industry,” she said during Tuesday’s hearing. Hence, lawmakers must navigate industry friction, Senate-House dynamics, and executive pressure.
