Overview

• The House Financial Services Committee is weighing three options: passing the Senate’s GENIUS Act unchanged, merging it with the STABLE Act or combining it with broader market structure legislation.
• Senator Adam Schiff introduced the COIN Act to bar the president, vice president and their families from issuing or endorsing digital assets in order to address ethical concerns over President Trump’s crypto ventures.
• Republican senators Tim Scott and Cynthia Lummis unveiled principles to demarcate digital assets as commodities or securities, require CFTC registration for exchanges and limit SEC oversight.
• Federal Reserve Chair Jerome Powell endorsed progress on stablecoin legislation and supported a clear U.S. regulatory framework to keep pace with global developments.
• The stablecoin market has surged to $261 billion, led by Tether’s $155 billion market cap, as industry stakeholders push for regulatory clarity.