WASHINGTON — Rep. Tom Kean Jr. (R-N.J.) began actively calling House colleagues this week, urging support for the Digital Asset Market Structure Act of 2026. This marks a sharp change for Kean, who had largely avoided the bill's negotiations for months, often missing key committee markups. His engagement immediately increased the bill's prospects for a full House vote, potentially by late June.
Kean's office received $150,000 in campaign contributions from crypto industry executives in the first quarter, according to FEC filings. Lobbyists for Coinbase, including the firm's head of U.S. policy Kara Calvert, met with Kean's senior staff three times in April. Circle's PAC also donated $75,000 to Kean's reelection campaign last month, pushing total crypto-related contributions to his campaign to more than $300,000 this cycle.
The bill aims to establish a clear regulatory framework for digital assets, moving oversight from the SEC to the CFTC for certain tokens. SEC Chair Paul Atkins has publicly opposed the current draft, arguing it undermines investor protections and creates loopholes. Major exchanges like Coinbase and institutional investors seeking regulatory clarity view the bill as a step for broader adoption.
Kean's shift is a win for the crypto industry's D.C. efforts. It isolates opponents within the Financial Services Committee who had counted on his previous inaction. The bill currently needs 218 votes to pass the House. Kean's outreach is estimated to have flipped at least three previously uncommitted votes. This puts the bill on a stronger path toward a floor debate, potentially before the July 4 recess.
Bitcoin traded at $74,501, down 3.7 percent over 24 hours. Ethereum fell 4.8 percent to $2,026. A clear legislative path in Washington, driven by members like Kean, could provide a catalyst for the sector, stabilizing investor confidence and attracting new capital.
