Vice President JD Vance spoke at the Bitcoin 2025 Conference, praising President Trump for being a "champion and an ally" of crypto. Vance stated that the next two steps for supporting the industry are creating a legal framework for stablecoins, noting the GENIUS Act, and enacting a transparent and tailored regulatory framework for digital assets. He added that "crypto and digital assets - and particularly BTC - are part of the mainstream economy and are here to stay."

Senate Democrats are still split on supporting the GENIUS Act, which the chamber is expected to vote on next week. Sen. Chris Murphy (D-CT) is calling for Democrats to oppose the bill due to President Trump’s conflicts of interest. Sen. Elizabeth Warren (D-MA) is also opposing the stablecoin bill for failing to stop President Trump's "crypto corruption." Alternatively, Sen. Cory Booker (D-NJ) is urging support for the bill in order to regulate the digital asset industry. Sen. Booker agreed that lawmakers should be dealing with the issue of President Trump's ties to crypto, but asserted that these concerns should not "undermine an effort to provide safeguards, regulations, and guardrails to this emerging industry."

The European Banking Authority (EBA) published a draft technical package for version 4.1 of its reporting framework to support the assessment and identification of significant crypto asset providers. The technical package will also support the centralization of institutions' prudential disclosures in the EBA Pillar 3 data hub, to facilitate access and usability of this information to all users, including institutions. The framework will apply beginning in the second half of 2025.

The UK Financial Conduct Authority (FCA) is requesting public feedback on proposed regulations for stablecoins and crypto custody. The agency said in a press release that the proposed rules "aim to ensure regulated stablecoins maintain their value," while also requiring "firms providing crypto custody services... to ensure they are effectively secured and can be easily accessed at any time." The proposals are also focused on reducing the likelihood and impact of firm failures across regulated firms undertaking activities related to stablecoin issuance and crypto custody. The deadline for feedback is July 31, 2025, with plans to publish final rules in 2026.

Trump Media and Technology Group announced that it has entered into agreements with approximately 50 institutional investors in order to raise $2.5 billion for a BTC treasury. The company plans to sell around $1.5 billion in stock and $1 billion in convertible bonds to buy BTC for its treasury. The offering is expected to close on or about May 29. Crypto.com and Anchorage Digital will provide custody for the BTC treasury, while Yorkville Securities and Clear Street are acting as lead placement agents for the offerings.

Brian Quintenz, who has been tapped by President Trump to serve as CFTC chair, said in his ethics agreement that he plans to resign from his positions at prediction market startup Kalshi and Andreessen Horowitz’s crypto arm, a16z, if confirmed. He also disclosed around $3.4 million in assets. In addition, Quintenz pledged to recuse himself from matters directly related to Andreessen Horowitz Capital Management or its funds for two years, and for one year on matters involving Kalshi. A Senate confirmation hearing for Quintenz's nomination has not yet been scheduled.

The SEC announced that it will host the third annual Conference on Emerging Trends in Asset Management on June 5, including a session on digital assets and tokenization. Other topics of focus include product proliferation and innovation in registered funds, as well as retail access to private markets. Commissioner Hester Peirce, Investment Management Division Director Natasha Vij Greiner, Investment Management Division staff, and panelists from outside the agency will participate in the conference.

Departing CFTC Commissioner Christy Goldsmith Romero said at a Brookings Institution event that a possible leadership void at the agency could do a “great disservice to regulation” at a time when Congress is considering giving the agency more authority over the crypto industry. She addressed the possibility that the CFTC could be left with a single voting member after she and two of her colleagues announced their upcoming exits. Goldsmith Romero highlighted concerns around rules created in one administration being disposed of when another party gains the presidency.

The Labor Department rescinded 2022 guidance that discouraged fiduciaries from including crypto options in 401(k) retirement plans. The guidance had directed plan fiduciaries to exercise "extreme care" before adding crypto to investment menus. DOL asserted that this language deviated from Employee Retirement Income Security Act requirements and marked a departure from the agency's historically neutral, principles-based approach to fiduciary investment decisions. Labor Secretary Lori Chavez-DeRemer said in a statement that the agency is "rolling back this overreach and making it clear that investment decisions should be made by fiduciaries, not DC bureaucrats."