Senate Majority Leader John Thune (R-SD) initiated the process to expedite a Senate floor vote on the GENIUS Act. Senate Banking Committee Chair Tim Scott (R-SC) and Sens. Cynthia Lummis (R-WY) and Bill Hagerty (R-TN) released a statement praising the move. The bill would establish a clear regulatory framework for stablecoins. Sen. Lummis said in a press release that "President Trump and Leader Thune's decision to bring this important legislation to the floor demonstrates their commitment to maintaining US leadership in financial services while keeping digital asset companies and jobs onshore."

The Senate Commerce Committee advanced the Deploying American Blockchains Act (S. 1492), which would create a National Blockchain Deployment Advisory Committee at the Commerce Department to advise the president on blockchain and applications built on distributed ledger technologies. Sens. Bernie Moreno (R-OH), Lisa Blunt Rochester (D-DE), and Tim Sheehy (R-MT) introduced the bill in April.

The House passed the Promoting Resilient Supply Chains Act (H.R. 2444) by voice vote. The bill would strengthen US manufacturing and supply chains by promoting the development of critical and emerging technologies, such as blockchain. Rep. John James (R-MI) introduced the bill at the end of March, alongside Reps. Erin Houchin (R-IN), Debbie Dingell (D-MI), and Robin Kelly (D-IL). The measure now heads to the Senate.

Sens. Brian Schatz (D-HI) and Chris Murphy (D-CT) each spoke on the Senate floor to criticize President Trump’s meme coin. Sen. Schatz called it a "massive scandal," while Sen. Murphy labeled it the "biggest scandal in the history of the American presidency." House Financial Services Committee Ranking Member Maxine Waters (D-CA) also voiced concern around President Trump’s crypto connections during a Committee markup.

House Majority Whip Tom Emmer (R-MN) discussed crypto legislation, SEC Chair Paul Atkins, and plans for a strategic crypto reserve on the Thinking Crypto Podcast. He also highlighted the repeal of the IRS DeFi rule, crypto market structure and stablecoins, and banks getting involved in crypto, noting the repeal of SAB 121 and the withdrawal of Federal Reserve guidance.

Sen. Cynthia Lummis (R-WY) told Bloomberg that the GENIUS Act will likely get a Senate vote in the coming weeks, but she warned that President Trump’s decision to host a dinner for top holders of his meme coin “gives [her] pause” and highlights the need for legislation. She told reporters, "It makes my job around here a little harder. When I hear things like this, my reaction is: we need to legislate."

The UK Insolvency Service announced that it has shut down crypto business BTCMining Limited after receiving complaints from customers saying they paid for crypto mining services but did not receive the promised financial returns and were unable to withdraw their assets. Authorities received complaints from people in Estonia, Mauritania, Iran, New Zealand, Poland, and Romania. The investigation also found that the company did not have a legitimate registered address anywhere in the UK.

The Bank of Italy warned in its biannual financial stability report that crypto assets could pose a stability risk to financial markets if the US push to embrace them ends up fostering systemic significance. The Italian central bank also voiced concern around dollar-pegged stablecoins, questioning what could happen if their use becomes ubiquitous and an issuer runs into trouble.

The UK Treasury published draft legislation on crypto assets, bringing crypto exchanges, dealers, and agents into the regulatory perimeter. The agency stated that "The government will bring forward final cryptoasset legislation at the earliest opportunity, following engagement on the draft provisions with industry." Alongside the release, Chancellor of the Exchequer Rachel Reeves said in a speech that the UK government will collaborate with US officials on plans to regulate the crypto industry, noting that she has already met with US Treasury Secretary Scott Bessent.