US Republican lawmakers and President Donald Trump passed three crypto bills through the House of Representatives last week, with one being signed into law. The bills aim to regulate stablecoins and digital asset markets, with the Senate set to consider them before an August recess. The legislation faces potential challenges from Senate Democrats.

Senate Republicans are expected to address crypto market structure first, defining rules for regulators like the SEC and CFTC. A discussion draft of a Senate bill suggests that the House’s efforts were a test run. The Responsible Financial Innovation Act could be the final product desired by Republicans, pending approval in both chambers.

The anti-CBDC Surveillance State Act, which aims to regulate central bank digital currencies, faces challenges in the House and Senate. Reports suggest concerns over a potential US digital dollar. Senator Cynthia Lummis proposes keeping the Senate in session through August to address Trump’s nominations, potentially including the crypto bills.

The Senate has yet to vote on Brian Quintenz’s nomination to chair the CFTC. One Republican senator’s absence delayed a vote, but the committee planned to vote before the August recess. With only two commissioners serving, the agency may face leadership vacancies pending Quintenz’s confirmation.

Read more at Cointelegraph: Fate of Crypto, CBDC Bills Unclear as Congress Heads Into Recess