Overview

• Regulators including the Treasury Department, Federal Reserve and OCC now have six months to draft detailed rules on reserve backing, disclosures, master account policies and yield-like offerings
• Separate market-structure bills such as the CLARITY Act and Senate discussion drafts are advancing in committees to define whether digital tokens fall under SEC or CFTC jurisdiction
• Banks and crypto firms disclosed over $11.4 million in lobbying in Q2 as they plan stablecoin products and seek to influence rulemaking
• Bank of America analysts estimate U.S. stablecoin supply could grow by $25 billion to $75 billion in the next few years and say the bank is preparing to issue its own stablecoin
• Transparency International U.S. and other anti-corruption groups warn that gaps in the GENIUS and CLARITY Acts could enable money laundering and sanctions evasion