Sen. Bill Hagerty (R-TN), lead sponsor of the GENIUS Act, told reporters he expects the bill to get a vote on the Senate floor in the coming weeks. The bill, which passed out of the Senate Banking Committee with bipartisan support, would create a regulatory framework for stablecoins. The House Financial Services Committee advanced a similar stablecoin bill on Wednesday that the GENIUS Act would ultimately need to be merged with.

House Financial Services Committee Ranking Member Maxine Waters (D-CA) and Reps. Emanuel Cleaver (D-MO) and Stephen Lynch (D-MA) wrote a letter to Housing and Urban Development (HUD) Secretary Scott Turner, voicing concern with reports that HUD is planning to implement blockchain and crypto within the agency’s operations. The lawmakers state that "Crypto markets are highly volatile, prone to fraud, and vulnerable to sudden collapses," arguing that "The federal government cannot allow under-regulated financial products to infiltrate critical housing programs."

Senate Banking Committee Ranking Member Elizabeth Warren (D-MA) wrote a letter to SEC Inspector General Deborah Jeffrey, calling for an investigation into whether Trump Administration officials may have improperly influenced SEC enforcement and regulatory decisions on crypto. Warren noted that the SEC has dropped almost all of its ongoing lawsuits against crypto companies, while taking steps to proactively alert crypto companies that they will not be expected to comply with the agency's rules. She expressed concern that "President Trump, his closest advisors, and his family members all stand to benefit from boosts in the crypto industry."

Senate Judiciary Committee Chair Chuck Grassley (R-IA) and Sen. Catherine Cortez Masto (D-NV) introduced the Combatting Money Laundering in Cyber Crime Act (S. 1273) to enhance the Secret Service’s investigative authority over criminal digital asset transactions. The bill would make updates to US law to ensure the Secret Service has full authority to investigate evolving forms of illicit finance, including countering cartels, defeating scam camps, addressing Chinese money laundering organizations, and combatting North Korean theft of digital assets.

The Senate Banking Committee voted 13-11 along party lines to advance the nomination of Paul Atkins to serve as SEC chair. Atkins has indicated that he would take a lighter-touch regulatory approach to crypto markets, enforcement, and rules around how companies raise money in the US. The Committee also voted along party lines to approve Jonathan Gould’s nomination to serve as comptroller of the currency, while Treasury assistant secretary for financial institutions nominee Luke Pettit received bipartisan support.

House Financial Services Committee Ranking Member Maxine Waters (D-CA) and Senate Banking Committee Ranking Member Elizabeth Warren (D-MA) wrote a letter to SEC Acting Chair Mark Uyeda, requesting information on the agency’s approach to regulating the Trump family’s crypto venture, World Liberty Financial, and demanding transparency regarding conflicts of interest and whether President Trump’s financial ties have influenced SEC decision-making. In the letter, the lawmakers note the SEC's decision to pause its enforcement case against Justin Sun, a major investor in World Liberty Financial.

The House Financial Services Committee marked up and advanced the STABLE Act (H.R. 2392) in a vote of 32-17. Democrats offered numerous amendments, many of which focused on conflicts of interest related to Trump Administration officials, as well as anti-money laundering and consumer protections. None of the amendments were passed by the Committee. The Committee also advanced the Financial Technology Protection Act (H.R. 2384) and the Anti-CBDC Surveillance State Act (H.R. 1919). No amendments were offered to the other two bills.

House Financial Services Committee Democrats tweeted about President Trump’s crypto ventures, stating that they will “try to block the President from replacing the dollar we use with his own stablecoin” during the Committee markup today. The lawmakers cited a Forbes article about President Trump's crypto ties, stating that "it looks like using the Office of the President to create sketchy crypto ventures to scam your own supporters out of BILLIONS can, in fact, double your wealth."

House Financial Services Committee Republicans sent letters to multiple agencies requesting the rescission, modification, or re-proposal of certain Biden Administration actions. On digital assets, the lawmakers wrote to Acting FDIC Chair Travis Hill and Acting CFPB Director Russ Vought, urging them to withdraw “several regulatory actions that have stifled innovation, restricting financial institutions’ engagement in digital assets and hindering the growth of fintech companies.” The lawmakers also sent letters to the Federal Reserve and OCC.