Overview

• The Senate approved the GENIUS Act, creating a regulatory framework for payment stablecoins, by a 68–30 vote
• President Trump ordered the House to pass a “clean” stablecoin bill without amendments to his desk “ASAP”
• House leaders are debating whether to advance the GENIUS Act on its own or combine it with a market structure measure
• Senate Banking Chair Tim Scott and White House advisor Bo Hines set a firm September 30 deadline for completing market structure legislation
• The market structure bill aims to divide crypto oversight between the SEC and CFTC and still requires Agriculture Committee approval