Certain legislation is even expected as soon as August. Key figures, including Blockchain Association CEO Kristin Smith and Democratic Congressman Ro Khanna, believe bipartisan support is a crucial factor to get these bills through Congress. Former Congressman Wiley Nickel also stressed that crypto regulations must go through Congress to ensure stability and prevent regulatory uncertainty. Meanwhile, President Donald Trump is set to speak at the Blockworks Digital Asset Summit, which will be the first time a sitting US president addresses a crypto conference.
US lawmakers Fast-Track Crypto Regulations
United States lawmakers are moving quickly toward passing legislation that will establish clear regulations for stablecoins and the broader cryptocurrency market structure, with a possible enactment as early as August. Kristin Smith, the CEO of the Blockchain Association, pointed this out during Blockworks’ 2025 Digital Asset Summit in New York.
This also confirmed an earlier prediction by Bo Hines, the executive director of the President’s Council of Advisers on Digital Assets. Hines stated on March 18 that he expects comprehensive stablecoin legislation to be finalized within the next few months.
Smith is optimistic about the legislative progress, and pointed out that key figures in the House, Senate, and White House are aligned in their commitment to regulatory clarity. She also placed a lot of emphasis on the fact that bipartisan support is a crucial factor when it comes to advancing these bills through Congress.
At the same event, Democratic Congressman Ro Khanna stated that he believes both the stablecoin and crypto market structure bills should be passed in 2025. He also shared that large portion of Democratic lawmakers—around 70 to 80—recognize stablecoin regulation as an opportunity to extend the global influence of the US dollar. However, he stressed that at least seven Democratic votes are needed in the Senate to push the legislation forward, with five already secured at the committee level.
The momentum for regulatory clarity was proven by the recent approval of the GENIUS Act by the Senate Banking Committee. This legislation, which is formally known as the Guiding and Establishing National Innovation for US Stablecoins Act, outlines collateralization standards for stablecoin issuers and enforces compliance with Anti-Money Laundering laws. Additionally, the House of Representatives previously passed the Financial Innovation and Technology for the 21st Century Act (FIT21), which establishes a framework for cryptocurrency market structure. The bill is still awaiting Senate approval before becoming law.
Some crypto industry leaders even believe that establishing clear regulatory guidelines will be a lot more beneficial than the recent move by the US government to accumulate Bitcoin as a strategic reserve. On March 6, President Donald Trump signed an executive order establishing a US Strategic Bitcoin Reserve and Digital Asset Stockpile, following through on a campaign promise from 2024.
Despite this, many industry executives argue that regulatory clarity on stablecoins, institutional adoption, and taxation will have a far bigger impact on the future of digital assets. Max Giammario, the CEO of the Web3 artificial intelligence startup Kindred, agreed with this, and stated that markets are looking for a structured roadmap that encourages innovation while also ensuring compliance.
Crypto Regulations Must Go Through Congress
Meanwhile, former Congressman Wiley Nickel believes it is necessary to enact cryptocurrency regulations through Congress to ensure their permanence and effectiveness. In a recent video interview, Nickel also stressed the importance of bipartisan collaboration in pushing through comprehensive legislation.
He warned that relying on executive orders alone will lead to regulatory uncertainty, as policies could easily be reversed by future administrations. By pointing to the recent actions of the Securities and Exchange Commission (SEC) under Gary Gensler, he firmly believes there is a need for clear and stable rules to prevent regulatory whiplash.
President Trump’s executive orders on digital assets, including the establishment of a Bitcoin strategic reserve and a ban on the development of a central bank digital currency, were examples of actions that could be undone without congressional approval. To address this, lawmakers in both chambers of Congress have been working to pass meaningful legislation that will provide more long-term clarity for the crypto industry.
Wiley Nickel at the Blockworks Digital Asset Summit
On March 6, Rep. Tom Emmer, the majority whip of the House of Representatives, reintroduced a bill to ban a central bank digital currency in the United States. Around the same time, Wyoming Senator Cynthia Lummis reintroduced the Bitcoin Act, expanding upon an earlier bill and allowing the United States to acquire more than one million Bitcoin.
In an effort to solidify Trump’s directive, Rep. Byron Donalds announced his plans to draft legislation that will codify the Bitcoin strategic reserve into law, ensuring that the initiative could not be easily overturned by a future administration. The House of Representatives also took some additional steps to refine crypto-related regulations by repealing the IRS broker rule on March 12 in a decisive 292-131 vote. This rule required decentralized finance platforms to report transaction data to the Internal Revenue Service, but is was widely criticized by industry advocates.
Trump to Speak at Digital Asset Summit
United States President Donald Trump is also set to attend Blockworks’ Digital Asset Summit in New York on March 20, which will be the first time a sitting US president speaks at a crypto conference. Blockworks confirmed the news on March 19. Jason Yanowitz, co-founder of Blockworks, reflected on how far the industry has evolved, and mentioned that their early events struggled to attract traditional financial institutions, while now, a sitting president is addressing an audience of 2,500 institutional participants.
Trump’s speech is scheduled to be delivered via a video recording at 10:40 a.m., according to Fox Business reporter Eleanor Terrett. His engagement with the crypto industry is consistent with his stance during the 2024 presidential campaign, where he pledged to make the United States the “world’s crypto capital” while speaking at the Bitcoin 2024 conference in Nashville.
After taking office on Jan. 20, he signed executive orders directing regulatory bodies to accommodate digital assets, established a White House crypto advisory team, and created a US Strategic Bitcoin Reserve and Digital Asset Stockpile. His administration also appointed pro-crypto figures to key regulatory positions, including at the SEC and the Treasury Department.
The shift in regulatory approach already led to major developments in the industry. On March 19, Ripple Labs CEO Brad Garlinghouse announced that the SEC dropped its long-running enforcement action against the company while at the same event. The agency also withdrew charges against other major crypto firms, including Coinbase, Kraken, and Uniswap.
Blockworks did not reveal the specific topics Trump will actually address during his speech, and representatives from the White House and the President’s Council of Advisers on Digital Assets have not commented just yet. Industry executives are hopeful that the president will provide a bit more clarity on key issues like stablecoin regulation and taxation.
