The Trump administration is intensifying pressure on Congress to pass cryptocurrency market structure legislation as lawmakers return from recess with a narrowing window for action.
Treasury Secretary Scott Bessent, White House crypto adviser Patrick Witt, and former AI and crypto czar David Sacks have publicly called for the bill's passage in recent days, The Hill reported.
The White House Council of Economic Advisers released a report addressing a dispute between the banking and crypto industries that has stalled Senate negotiations.
The measure would divide oversight of digital assets between the Securities and Exchange Commission and the Commodity Futures Trading Commission. It would also clarify when tokens qualify as securities or commodities.
The House passed its version, known as the Digital Asset Market Clarity Act of 2025, last year. The Senate has been drafting its own approach.
Trump signed the Genius Act into law last July. That law established a regulatory framework for stablecoins, which are digital tokens tied to assets such as the U.S. dollar. The market structure bill is viewed as a broader priority for the crypto sector.
In a Wall Street Journal op-ed and a post on X, Bessent urged Congress to "finish the job." He warned that inaction could cost the U.S. its position as a global financial leader and called on the Senate Banking Committee to hold a markup on the Clarity Act.
Witt and Sacks echoed the call on X, with Sacks expressing confidence that the Senate would pass the measure and Trump would sign it.
The administration's push included the Economic Advisers' report on a provision in the Genius Act that bars stablecoin issuers from paying interest or yield directly to individual holders. Banks have argued that a loophole could allow third parties to offer such rewards, potentially leading to deposit outflows.
Crypto industry representatives have said those risks are overstated.
The White House report concluded that prohibiting yield would provide minimal protection for bank lending while limiting consumer benefits from competitive returns. It is estimated to have limited effects on lending in baseline and worst-case scenarios.
Banking groups, including the American Bankers Association and the Independent Community Bankers of America, disputed the analysis, arguing that the report studied the wrong question and downplayed risks of deposit outflows from yield-bearing stablecoins to community banks and local lending.
Sens. Angela Alsobrooks, D-Md., and Thom Tillis, R-N.C., reached a bipartisan agreement in principle last month on the stablecoin rewards issue. The crypto industry has expressed broad support for the current compromise, while banking sources have raised concerns about potential loopholes. Alsobrooks said senators were still finalizing language and planned to release a draft soon.
Senate Banking Committee leaders have targeted a markup in the last two weeks of April, though no official date has been set on the committee calendar.
Success there would move the legislation closer to a full Senate vote and, potentially, to President Trump's desk before midterm election pressures intensify.
Jim Thomas ✉
Jim Thomas is a writer based in Indiana. He holds a bachelor's degree in Political Science, a law degree from U.I.C. Law School, and has practiced law for more than 20 years.
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