House Financial Services Committee Democrats held a hearing focused on President Trump’s ties to the digital asset industry. The hearing follows a request from the entire Committee Democratic caucus urging a "Minority Day" hearing to explore these issues. Democrats received testimony from witnesses representing Better Markets, Public Citizen, the Atlantic Council, and more. Lawmakers also considered the Stop TRUMP in Crypto Act (H.R. 3573), introduced by Ranking Member Waters (D-CA).

Senate Majority Leader John Thune (R-SD) filed cloture on the GENIUS Act, setting up a procedural vote on Wednesday and a vote on final passage as early as next week. The move also effectively ended the open amendment process for the stablecoin bill. Progressives, led by Sen. Elizabeth Warren (D-MA), will thus lose their chance to force votes on a series of amendments covering presidential corruption, Big Tech, closing the Tether loophole, bolstering national security provisions, and shoring up financial stability controls.

Switzerland’s Federal Council adopted a bill to enable the automatic exchange of information on crypto with 74 partner countries, including the UK and all EU member states. Under the bill, which still has to be passed by parliament, the first exchange of data would take place in 2027. Most G20 countries would also be included, besides the US and Saudi Arabia.

The UK Financial Conduct Authority (FCA) is proposing to lift the ban on offering crypto exchange traded notes (cETNS) to retail investors. This regulatory change would allow cETNs to be sold to individual consumers if they are traded on an FCA-approved investment exchange. Financial promotion rules would apply, so consumers receive information on the risks and would not be offered inappropriate incentives to invest, in the same way as if they bought crypto assets directly.

World Liberty Financial, a crypto venture launched by President Trump and his sons, plans to invest in the president’s meme coin, resolving a dispute between the two crypto firms tied to the Trump family. Eric Trump announced that the $TRUMP token had "aligned" with the company and would no longer be moving forward with a crypto wallet, which had caused a rift between the two firms.

US District Judge David Alan Ezra signed off on the SEC’s dismissal of a case against crypto promoter Ian Balina, resolving the dispute over Balina’s promotion of so-called SPRK tokens. The decision follows the SEC’s move to drop its claims that Balina had failed to disclose his compensation agreement with Sparkster Ltd. as he promoted its token.

In an interview with Politico, Acting Comptroller of the Currency Rodney Hood said that his agency is ready to hit the ground running as Congress moves closer to handing the OCC major new authority to oversee stablecoins. Hood stated that the OCC "will have a team of examiners in place that will be ready to act when the legislation is passed," referring to the GENIUS Act currently moving through the Senate. He also brushed aside concerns over potential conflicts of interest if the OCC were to begin regulating President Trump's family crypto business, World Liberty Financial.

House Financial Services Committee Chair French Hill (R-AR) announced that the committee will mark up his landmark crypto market structure bill this week, despite panel Democrats urging Hill to delay a vote to allow time for more negotiations. Hill’s plans to swiftly move the CLARITY Act forward have been met by resistance from not only Democrats, but privately from some GOP members who would like to see additional time taken to review the provisions and provide input. It remains to be seen how Hill will handle amendments for the markup.  

Min Woo "Kevin" Kang, a co-founder of hedge fund firm BKCoin Management LLC, has agreed to pay $944,000 to the SEC to resolve claims that he and his investment adviser fraudulently raised $100 million from 55 investors under the guise of investing in crypto assets. A final judgment issued by US District Judge Robert Scola Jr. states that Kang's settlement with the SEC comprises $535,000 in disgorgement, $179,000 in prejudgment interest, and a $230,000 civil penalty. Kang has also agreed not to participate in the sale of any securities and be associated with any investment adviser for the next five years.