It was a big moment for U.S. crypto when the House of Representatives cleared the Digital Asset Market Clarity Act that would set the regulatory stage for the industry. But before the dust settled on that eye-popping 308-122 vote, the Senate was working on a separate but similar bill that will almost certainly steal the show.

In much the same way that President Donald Trump leaned on House lawmakers to approve the Senate's stablecoin bill as written, without putting their own stamp on it, any market structure legislation that clears the more difficult hurdle of the Senate's 60-vote demand is likely to be a carefully balanced compromise that the administration will want approved as-is by the House.

Throughout crypto's U.S. policy journey, the House has taken an early lead on crafting legi

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