Overview

• The Senate voted 68-30 to pass the GENIUS Act, establishing licensing and oversight standards for stablecoin issuers and extending regulatory authority to banks and fintech firms.
• House Financial Services Chair French Hill declined to commit to passing the Senate version unchanged, citing unresolved issues on extraterritorial enforcement, dual banking pathways and banking-commerce separation.
• Senator Adam Schiff introduced the COIN Act to bar the president, vice president, members of Congress and their immediate families from issuing or endorsing cryptocurrencies during and after their terms.
• Senators Cynthia Lummis and Tim Scott unveiled a crypto market structure framework that defines digital assets as commodities or securities and would allow exchanges to register with the Commodity Futures Trading Commission.
• Federal Reserve Chair Jerome Powell and the White House have voiced support for a stablecoin regulatory framework, with Senator Lummis predicting possible passage by July and completion of broader crypto legislation by year-end.