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Stablecoin Framework Advances as House Weighs Revisions and Officials’ Crypto Ban

The House Financial Services Committee plans to reconcile the Senate’s GENIUS Act with its STABLE Act before sending legislation to the House floor.

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Overview

  • The Senate approved the GENIUS Act on June 16 by a 68-30 vote, establishing federal standards for payment stablecoin issuance and redemption.
  • House Financial Services Chair French Hill outlined options to pass the Senate bill unchanged, merge it with the STABLE Act, or bundle it with broader crypto market-structure legislation.
  • Senator Adam Schiff introduced the COIN Act on June 23 in response to President Trump’s cryptocurrency ventures, aiming to bar the president, vice president and their families from issuing or endorsing digital assets during their terms and for two years thereafter.
  • Senators Tim Scott and Cynthia Lummis released principles for market-structure legislation that define digital assets as commodities or securities and allocate oversight between the SEC and CFTC.
  • Federal Reserve Chair Jerome Powell endorsed stablecoin regulation as the market swells to nearly $261 billion, stressing the need for a clear federal framework to safeguard financial stability.