Despite a historic $250 million investment in the 2024 election cycle to support pro-crypto candidates, the U.S. crypto industry faces significant Congressional hurdles in advancing key legislation, as highlighted during the House of Representatives’ “Crypto Week” from July 14–18, 2025.
Bills like the Digital Asset Market Clarity Act and the GENIUS Act, which passed the House with bipartisan support, are stalled in the Senate due to Republican infighting and competing priorities.
This delay raises doubts about the swift passage of regulatory frameworks critical for markets like tokenized assets, including music royalties, a key focus of your US Crypto Industry website.
The crypto industry’s lobbying efforts, led by groups like the Blockchain Association and companies such as Coinbase and Ripple, secured a pro-crypto Congress, with 60% of House seats and a Republican Senate majority.
However, the Clarity Act, which defines securities versus commodities for digital assets, faces resistance from conservative factions like the House Freedom Caucus, led by Rep. Marjorie Taylor Greene.
They demand stronger anti-CBDC provisions, fearing a central bank digital currency could undermine financial privacy. This infighting delayed Senate action, despite President Donald Trump’s push for the U.S. to become the “crypto capital of the planet” via his January 23, 2025, executive order.
The GENIUS Act, which regulates stablecoins like USDC and USD1, also faces Senate scrutiny, with Democrats like Sen. Elizabeth Warren criticizing its ties to Trump’s World Liberty Financial.
Warren argues that the bill lacks robust consumer protections, potentially exposing investors to risks. The crypto industry counters that delays harm innovation, particularly for tokenized music, where platforms like Royal rely on clear regulations to issue royalty-backed tokens.
French Hill, chair of the House Financial Services Committee, emphasized that regulatory clarity could unlock $2 trillion in market capital by 2028, per Bank of America estimates, by fostering institutional investment.
Additional hurdles include debates over the Modern Emoluments and Malfeasance Enforcement (MEME) Act, proposed by Sen. Chris Murphy, which seeks to address conflicts of interest tied to Trump’s $57 million crypto earnings in 2024. These tensions complicate the passage of bills that could streamline blockchain innovation.
Despite setbacks, optimism persists, as the SEC’s Crypto 2.0 Task Force, led by Hester Peirce, and Trump’s nominations of Paul Atkins and Brian Quintenz to lead the SEC and CFTC signal a pro-crypto shift. For tokenized assets, Senate approval could enhance liquidity, enabling artists to monetize royalties via platforms like Opulous.
As the Senate debates amendments, the crypto industry remains hopeful that pressure from Trump and figures like Sen. Cynthia Lummis will expedite passage.
