The White House is urging Congress to quickly act on cryptocurrency market structure legislation. Patrick Witt, the new executive director of the President’s Council of Advisors on Digital Assets, emphasized that finalizing the bill is a priority. Recently, Senate Republicans introduced their Responsible Financial Innovation Act of 2025, which differs from the CLARITY Act passed by the House in July. Meanwhile, Senate Democrats released their own market structure wishlist, which includes stricter stablecoin regulations. This follows the enactment of the GENIUS Act in July, which restricts stablecoin issuers from offering interest on holdings. The Democrats propose extending these restrictions, a move opposed by the crypto industry, which argues it limits consumer choices. Coinbase expressed concerns about the Democrats’ proposal and the banking sector's push to alter aspects of the GENIUS Act. The stablecoin market is significant, boasting a current capitalization of $251 billion, with Tether's USDT and Circle's USDC leading the way. Coinbase has a revenue-sharing agreement with Circle, highlighting the stakes involved in this legislative discussion.

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