Overview

• President Trump signed the GENIUS Act on July 18, giving federal and state regulators six months to craft implementing rules for stablecoin issuers.
• The CLARITY Act passed the House in July and now awaits Senate consideration to clarify CFTC jurisdiction over digital assets and define the SEC’s anti-fraud role.
• The European Union’s MiCA regime has been in force since June and the U.K. is consulting on a two-tier framework that splits issuer registration and systemic oversight between the FCA and Bank of England.
• Chinese authorities met in Hong Kong on July 11 at the request of state-owned and fintech firms to explore issuing a yuan-pegged stablecoin.
• Major blockchain platforms—including Ethereum, Solana and BNB Chain—are positioning to host next-generation stablecoin issuance under the emerging U.S. and international frameworks.