Overview

• The White House Working Group’s crypto policy report calls on the SEC and CFTC to immediately enable federal-level digital asset trading by clarifying registration, custody, trading and recordkeeping requirements.
• Under the GENIUS Act, signed July 18, regulators must adopt stablecoin regulations within six months mandating one-to-one reserves, third-party audits and transparency standards.
• The House-approved Digital Asset Market Clarity Act has cleared the lower chamber and is under Senate consideration, with public feedback on its proposed SEC and CFTC jurisdiction split due early August.
• On July 22, a discussion draft of the Responsible Financial Innovation Act proposed a hybrid SEC-CFTC oversight framework and introduced an “ancillary assets” category to govern novel digital tokens.
• Despite offering a unified licensing framework, updated anti-money laundering rules and tax guidance, the report omits details on the planned federal Bitcoin reserve.