Overview

• The Senate appears set to pass the GENIUS Act, which would legally authorize stablecoins and delegate rule-making power to the SEC, CFTC and Treasury Department.
• House Financial Services Committee members held a hearing on the Digital Asset Market Clarity Act to define which tokens qualify as securities or commodities by dividing oversight between the SEC and CFTC.
• Democratic critics argue the House bill’s definitions could allow banks and major firms to evade current securities regulations without adequate consumer safeguards.
• Lawmakers have highlighted President Trump’s own crypto products, including a meme coin and stablecoin, to press for explicit conflict-of-interest provisions in the legislation.
• Some Democrats have agreed to support the bills only if they include stringent consumer protection measures and binding regulatory guardrails.