House Panel Advances Trump-Era Crypto Agenda with New Market Structure Bill

The U.S. House Financial Services Committee is advancing a new bill to regulate the crypto market, marking what Representative Bryan Steil calls the “second half” of President Donald Trump’s crypto agenda. The first phase, focused on stablecoin legislation, has already passed committee stages in both chambers of Congress.

During a recent hearing, lawmakers discussed a legislative draft to succeed the Financial Innovation and Technology for the 21st Century Act (FIT21), which previously cleared the House but stalled in the Senate. Representative French Hill emphasized ongoing collaboration with regulators and industry leaders to refine the bill's framework and clarify digital asset oversight.

A major point of discussion was the regulatory divide between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Legal experts testified that the SEC’s inconsistent guidance has caused confusion, especially regarding tokens traded on secondary markets. Tiffany Smith, a partner at WilmerHale, highlighted the urgent need for regulatory clarity in the crypto space.

The hearing also became politically charged as Democrats raised concerns over Trump’s past involvement in crypto, suggesting potential conflicts of interest. Representative Maxine Waters criticized the committee, alleging it was paving the way for Trump to dominate the stablecoin sector. However, most witnesses avoided political commentary, with consumer advocate Alexandra Thornton pointing out the previous administration’s lenient enforcement stance on crypto.

Later the same day, the House Agriculture Committee—overseeing the CFTC—held a parallel hearing to support the development of a comprehensive crypto market structure bill. These efforts indicate growing momentum in Congress to establish a fully regulated U.S. crypto industry.