The Senate passed by a final vote of 68-30 the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, bipartisan legislation to bring regulatory oversight and standards to the $250 billion stablecoin market. All eyes are now on the House, where the Financial Services and Agriculture Committees approved the House version of digital assets market structure legislation, the Digital Asset Market Clarity (CLARITY) Act (Agriculture by a vote of 47-6 and Financial Services by a vote of 32-19). The next step will be for the Rules Committee to hold a hearing to determine how the bill will be debated and amended on the House floor.

There is concern among some House members, including House Financial Services Chair French Hill (R-AR), that advancing stablecoin legislation on its own, such as bringing the GENIUS Act to the House floor, will chill momentum on the more-challenging market structure legislation. Therefore, one option under consideration would be to pass the two bills together and send them both back to the Senate.

President Donald Trump subsequently demanded the House immediately pass the Senate’s GENIUS Act with no changes or additions. Shortly thereafter, House Financial Services Subcommittee on Digital Assets Chair Bryan Steil (R-WI) tweeted the House Republican goal of passing stablecoin, market structure, and anti-CBDC legislation to deliver on the President’s overall agenda. Note, the House Financial Services Committee passed its own stablecoin bill, the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act, in April. It is worth looking closely below at the House Republican response to Senate passage of the GENIUS Act.

Adding to the complexity, the Senate Banking Subcommittee on Digital Assets announced a hearing on market structure, with their own Banking-focused version of market structure legislation expected to be released in the coming weeks.

Digital assets tax issues were raised in Congressional hearings with Treasury Secretary Scott Bessent and the regulation of digital commodities were a major focus in hearings to consider the nomination of Brian Quintenz to lead the CFTC. Meanwhile, the SEC held a DeFi roundtable and the IRS extended targeted transitional relief for digital assets broker information reporting. See my analysis of the IRS notice here.

Read more below

Congress

Hearings

• This week
  • On June 24, the Senate Banking, Housing and Urban Affairs Digital Assets Subcommittee will hold a hearing on Exploring Bipartisan Legislative Frameworks for Digital Asset Market Structure.
  • On June 24, the House Financial Services Committee will hold the annual Member Day hearing.
  • On June 24, the House Oversight and Government Reform Cybersecurity, Information Technology, and Government Innovation Subcommittee will hold a hearing on Preparing for the Quantum Age: When Cryptography Breaks.
  • On June 26, the House Financial Services Oversight and Investigations Subcommittee will hold a hearing on From Watchdog to Attack Dog: Examining the CFPB’s (Consumer Financial Protection Bureau) Chopra-era Assault on Disfavored Industries.

Legislation

• The Senate passed by a final vote of 68-30 the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act.

• The House Agriculture Committee approved the Digital Asset Market Clarity (CLARITY) Act by a vote of 47-6.

• The House Financial Services Committee passed the Digital Asset Market Clarity (CLARITY) Act by a much closer vote of 32-19.

• Rep. Joe Neguse introduced the House version of the Stop Trading Assets Benefitting Lawmakers’ Earnings while Governing Exotic and Novel Investments in the United States (STABLE GENIUS) Act. (Text)

• Sens. John Cornyn (R-TX) and Maggie Hassan (D-NH) introduced the Dark Web Interdiction Act, which includes a DOJ report to Congress on the use of virtual currencies in the distribution of opioids through illicit marketplaces on the dark web. (Text)

Correspondence

• Rep. William Timmons (R-SC) sent a letter to SEC Chair Paul Atkins requesting documents on the SEC’s treatment of ETH under Chair Gensler and the Biden Administration. (Letter)

• Democratic Whip Ranking Member of the Senate Judiciary Committee Dick Durbin (D-IL), Ranking Member of the Senate Banking Committee Elizabeth Warren (D-MA), and Sens. Tina Smith (D-MN) and Chris Van Hollen (D-MD) sent a letter to Department of Labor Secretary Lori Chavez-DeRemer urging the Department to reverse a recent action to rescind guidance warning of the risks of offering cryptocurrency in employees’ 401(k) plans. (Letter)(Press release)

• Senate Banking Committee Ranking Member Elizabeth Warren (D-MA) and Sen. Jeff Merkley (D-OR) sent a letter to the CEOs of MGX and Binance requesting the companies preserve and provide documents and communications related to their use of USD1, the stablecoin linked to President Donald Trump and his family, to settle a $2 billion investment deal. (Letter)

Publications

• Senate Banking Chair Tim Scott (R-SC) published an op-ed in the Washington Examiner on the pending Senate vote on the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, saying, “For too long, the digital asset industry has operated without clear guidelines, leaving consumers vulnerable and stifling American innovation. With the Senate set to pass the Guiding and Establishing National Innovation for U.S. Stablecoins, legislation I helped write to provide a regulatory framework for payment stablecoins, we have an opportunity to change that. Stablecoins enable faster, cheaper, and competitive transactions, facilitate seamless cross-border payments, and could enhance financial inclusion for Americans across the country. But to do so, clear rules of the road are needed.” (Op-ed)

• House Financial Services Chair French Hill (R-AR), House Agriculture Chair G.T. Thompson (R-PA), and GOP Whip Tom Emmer (R-MN) published an op-ed entitled “Digital Assets Are One Step Closer to Regulatory Clarity” saying, “We are committed to working with our colleagues in both chambers to enact comprehensive digital asset legislation into law. The rest of the world is not waiting to lead in blockchain innovation. If we fail to act, we risk ceding leadership in one of the most transformative technologies in modern history.” (CoinDesk)

Trump Administration

Internal Revenue Service (IRS)

• The IRS issued extended for an additional year transitional relief from penalties for brokers who make a good-faith effort but nevertheless fail to report sales of certain digital assets on Form 1099-DA or fail to furnish payee statements under section 6045. (Notice 2025-33) (Press release)

Noteworthy Quotes and Events

ADMINISTRATION

White House

• President Trump posted to Truth Social, “The Senate just passed an incredible Bill that is going to make America the UNDISPUTED Leader in Digital Assets – Nobody will do it better, it is pure GENIUS! Digital Assets are the future, and our Nation is going to own it. We are talking about MASSIVE Investment, and Big Innovation. The House will hopefully move LIGHTNING FAST, and pass a ‘clean’ GENIUS Act. Get it to my desk, ASAP – NO DELAYS, NO ADD ONS. This is American Brilliance at its best, and we are going to show the World how to WIN with Digital Assets like never before!” (David Sacks X.com)

• White House AI & Crypto Czar David Sacks tweeted a response to Trump’s post, “Thank you President realDonaldTrump for delivering on your promise to make the USA the crypto capital of the planet!”

• Sacks also tweeted, “The U.S. Senate has passed the GENIUS Act — landmark stablecoin legislation that provides regulatory clarity, enhances consumer protection, and extends U.S. dollar dominance online. Thanks to President Trump for his leadership on crypto & SenatorHagerty for authoring the bill.”

• Sacks also tweeted, “Thank you for your leadership LeaderJohnThune! The GENIUS Act is one step closer to passage, a huge milestone for the crypto community.”

• Executive Director of the President’s Council of Advisers for Digital Assets Bo Hines tweeted, “The United States Senate has passed the GENIUS Act.”

• Hines also tweeted, “Excited to see the GENIUS Act pass today. This landmark legislation will: Upgrade our payment rails for the digital age; Establish U.S. dominance in digital asset innovation; Protect the U.S. dollar’s role as the world’s reserve currency; Deliver regulatory clarity for stablecoins; Empower Americans with faster, cheaper, and more reliable transactions The future of finance is here—and the U.S. is ready to lead it.”

• Hines also tweeted, “Happy Birthday to THE first crypto President of all time!!”

Treasury Department

• Treasury Secretary Scott Bessent tweeted, “Crypto is not a threat to the dollar. In fact, stablecoins can reinforce dollar supremacy. Digital assets are one of the most important phenomena in the world right now, yet they have been ignored by national governments for far too long. This administration is committed to establishing the United States as a hub for digital asset innovation, and the GENIUS Act moves us one step closer to that goal.”

• Bessent also tweeted, “Recent reporting projects that stablecoins could grow into a $3.7 trillion market by the end of the decade. That scenario becomes more likely with passage of the GENIUS Act. A thriving stablecoin ecosystem will drive demand from the private sector for US Treasuries, which back stablecoins. This newfound demand could lower government borrowing costs and help rein in the national debt. It could also onramp millions of new users—across the globe—to the dollar-based digital asset economy. It’s a win-win-win for everyone involved: The private sector The Treasury Consumers These are the fruits of smart, pro-innovation legislation.”

Securities and Exchange Commission (SEC)

• SEC Chair Paul Atkins said, “The right to have self custody of ones private property is a foundational American value.” (Bitcoin Magazine)

• In his opening statement at the Crypto Task Force Roundtable on DeFi, Chair Paul Atkins said, “While the Commission and its staff work to propose fit-for-purpose rules of the road for on-chain financial markets, I have directed the staff to consider a conditional exemptive relief framework or “innovation exemption” that would expeditiously allow registrants and non-registrants to bring on-chain products and services to market. An innovation exemption could help fulfill President Trump’s vision to make America the “crypto capital of the planet” by encouraging developers, entrepreneurs, and other firms that are willing to comply with to certain conditions to innovate with on-chain technologies in the United States.” (Remarks)

• In her opening statement at the Crypto Task Force Roundtable on DeFi, Commissioner Hester Peirce said, “Code is protected speech. Because the First Amendment protects someone who writes a DeFi software protocol and publishes it, the SEC has no authority to demand pre-publication approval rights even for code that could be used to exchange securities. The SEC must not infringe on First Amendment rights by regulating someone who merely publishes code on the basis that others use that code to carry out activity that the SEC has traditionally regulated. If somebody else subsequently violates the law using the software protocol, the user—not the developer of the software—should face the music. But sometimes the writer of a protocol used to exchange securities does more than merely publish it. She also might operate, administer, or maintain a platform through which the code can be accessed and that takes custody of client assets or makes execution decisions for clients. In this and other instances, the coder or her platform might be subject to regulation for that conduct. If that conduct relates to securities, the SEC might have a role to play… The SEC’s efforts are best spent protecting investors, not from their own use of open-source software code to engage in transactions with their peers, nor from writers of such code, but from providers of financial services. I hope that today’s discussion will help us ensure that SEC regulation is able to reach activities and entities properly within its ambit regardless of what label they bear, without prohibiting the exercise of individuals’ rights to publish code and interact with that code.” (Remarks)

• In his opening remarks, Commissioner Mark Uyeda said, “In DeFi, there is a new landscape of opportunities. People can transact directly with each other without relying on banks or other centralized intermediaries. The Commission should not refrain from engaging in oversight of novel areas simply because it involves thinking outside the existing framework. The legacy regulatory regime under the federal securities laws presupposes the existence and necessity of numerous intermediaries.” (Remarks)

• In her opening remarks, Commissioner Caroline Crenshaw said, “…these roundtables have given us a lot to grapple with, to say the least. While the series was billed as a “spring sprint towards crypto clarity,” I am unsure whether we’ve identified much that can be simply or quickly clarified. When it comes to crypto, it does not appear to me that the SEC is facing problems with ready or easy solutions. What we are facing is heightened expectations of rolling out major changes —quickly— to pave the way for crypto expansion into the capital markets.” (Remarks)

Commodity Futures Trading Commission (CFTC)

• CFTC Acting Chair Caroline Pham delivered remarks on Innovation and Market Structure at the Piper Sandler Global Exchange and Trading Conference 2025 in which she said, “I have previously noted the value of having already existing spot markets that trade 24/7, broadening the liquidity pool over the weekend period. Consistent with this view, the proposals that the CFTC staff have seen so far have only focused on crypto asset products, where spot markets exist with continuous trading and sufficient depth of liquidity. The CFTC is not aware of any plans to offer 24/7 trading beyond the crypto asset class at this time.” (Remarks)

CONGRESS

GENIUS Act and CLARITY Act Legislative Strategy

• After President Trump’s tweet calling for immediate House passage of the GENIUS Act, House Financial Services Subcommittee on Digital Assets Chair Bryan Steil (R-WI) tweeted, “To deliver on President Trump’s digital asset agenda we must pass legislation on: Stablecoin Market Structure Stopping CBDC”

• Sen. Bill Hagerty (R-TN) said about the GENIUS Act, “The goal is just to put a win in place for the American public and have it for the president to sign before the Fourth of July.” He also said, “It’s very clear to me that we have an opportunity to have a great win here for the American public right now. If the bill were to be modified [to include market structure legislation], it would have to come back to the Senate for a lot of work.” (Politico)

• A House lawmaker speaking off the record told Crypto in America about passing market structure with stablecoin legislation, “You need both. You can’t just have one…I just don’t buy the idea that passing one builds momentum for the other.” and “If you look at how tax policy works, no one says, ‘Let’s do a tax cut now, and that’ll build momentum for another one.’ If you don’t get into the tax package, you’re waiting six years. It’s the same here.” (Crypto in America)

• Rep. Warren Davidson (R-OH) tweeted, “Without banning Central Bank Digital Currency, protecting self-custody, or defining commodity-backed stablecoins… The HouseGOP has the opportunity to not only improve the Senate’s stablecoin bill and ban CBDC, but also pass the bipartisan Clarity Act to define market structure. Together this would implement President Trump’s Digital Asset EO.”

GENIUS Act Passage

• Senate Majority Leader John Thune (R-SD) delivered floor remarks saying, “…it’s clear that cryptocurrency is here to stay. And it’s time that we bring it into the mainstream. Passing the GENIUS Act is a good first step.” (Press release)

• Sen. Kirsten Gillibrand (D-NY) issued a statement on the passage of the GENIUS Act saying, “Senate passage of the GENIUS Act is a landmark moment in the bipartisan effort to regulate stablecoins. This bill will enable U.S. businesses and consumers to take advantage of the next generation of financial innovation. A product of months of bipartisan negotiations, the GENIUS Act will protect consumers, enable responsible innovation, and safeguard the dominance of the U.S. dollar. The bill targets illicit finance, places limitations on Big Tech, puts in place ethical guardrails, and strengthens national security. I want to extend my sincere gratitude to Senators Hagerty, Scott, Alsobrooks and Lummis, who worked tirelessly to find common ground and produce this excellent legislation. The GENIUS Act will position our country for the 21st century, and I will continue working to ensure it is signed into law.” (Press release)

• Sen. Ruben Gallego (D-AZ) released a statement saying, “Today’s strong bipartisan passage of the GENIUS Act is proof of what can be achieved through honest negations and a willingness to work across the aisle. With the GENIUS Act’s passage, we are meaningfully closer to a stablecoin regulatory landscape in the U.S. that provides clear rules of the road, protects consumers, and holds bad actors accountable. I look forward to seeing this bill pass the House with equally strong bipartisan support and get signed into law.” (Press release)

• Sen. Elissa Slotkin (D-MI) released a statement on her vote to pass the GENIUS Act, “Like any piece of legislation, this bill is not perfect. But it has undergone improvements over the past few weeks. That is important because the stablecoin industry is already estimated at $250 billion and growing. Many Americans have seen scammers demand payments in cryptocurrency and many nations are skipping traditional banking altogether. So Congress has an obligation to provide guardrails on this marketplace. Importantly, this bill prevents Members of Congress and special government employees, like Elon Musk, from profiting off their own stablecoins. It also requires executive branch officials, including the President and their cabinet, and Members of Congress, to disclose stablecoin holdings. There is currently no framework to regulate stablecoins in federal law. This bill lays down the first guardrails to do just that, and like we do for every other industry in America, those guardrails can and should be updated over time. This bill represents a good-faith, bipartisan start.” (Press release)

• Sen. Andy Kim (D-NJ) issued a statement on AML provisions within the GENIUS Act, saying, “Right now, dangerous actors like North Korea, Iran, drug cartels and terrorist groups are exploiting the absence of regulation of stablecoin to launder billions of dollars and build up resources that threaten America and our national interests. As someone who worked in Afghanistan and at the Pentagon on countering terrorist financing, I pressed hard to add anti-money laundering and counter illicit financing provisions to this legislation on stablecoins that wouldn’t otherwise have been included. We need a Senate able to move at the speed of innovation, and right now, a largely unregulated but widely used stablecoin market dominated by foreign companies is leaving Americans unprotected. I voted yes after working directly with colleagues from both sides of the aisle to secure specific provisions about serious national security concerns not addressed in earlier bill versions. No doubt that future action will be needed to further strengthen regulations, and I will keep working to continue to improve our economic and national security.” (Press release)

• Sen. Chris Van Hollen (D-MD) made floor remarks regarding his vote against the GENIUS Act, saying, “… we have experienced the dangers that weak regulatory structures have posed to consumers, investors, and our financial system. We have paid to bail out industry after those systems have failed. We had an opportunity to strengthen the GENIUS Act, build safeguards around a growing sector, and stamp out its use in corrupt and criminal activities. Instead, we barreled forward without even a vote on those amendments. Because we could not make those critical improvements, I voted against the bill.” (Press release)

• Sen. Jack Reed (D-RI) issued a statement on his vote in opposition to the GENIUS Act, saying, “The so-called GENIUS Act is deeply flawed and doesn’t do enough to protect consumers, national security, and U.S. taxpayers.  Instead of strengthening consumer protections and building clear guardrails that prevent America’s adversaries from using stablecoins to their advantage, this bill greenlights President Trump using his office to line his own pockets while looking the other way at North Korea’s crypto abuses. As the popularity of stablecoins continues to grow, we need to provide real guardrails and authorities for regulators.  Nevertheless, Senate Republicans have prioritized the wants of President Trump over the needs of American consumers.” (Press release)

• Reed tweeted, “The so-called GENIUS Act doesn’t do enough to protect consumers, national security, & U.S. taxpayers. It greenlights Pres. Trump using his office to line his own pockets and looks the other way on North Korea’s abuse of crypto. We need REAL guardrails, tools & authorities.”

• Sen. Mark Warner (D-VA) issued a statement saying, “For too long, stablecoins have operated in a regulatory gray area, putting consumers, markets, and national security at risk. The GENIUS Act changes that by creating guardrails for responsible innovation, setting high standards for issuers, and reining in potential abuses by big tech and bad actors. Many of us have deep concerns about how members of the Trump family have used crypto technologies to evade scrutiny, conceal financial entanglements, and profit off the public trust. We must remain vigilant in exposing and stopping these abuses. But our outrage over that corruption cannot prevent us from building a foundation for responsible innovation in this space. If we don’t lead, others will, and not in ways that reflect our interests or democratic values. With the GENIUS Act, the U.S. will finally begin to set the rules of the road to support innovation while protecting consumers and our national security.” (Press release)

• Sen. Bill Hagerty (R-TN) tweeted, “Today, on a bipartisan basis, the Senate passed its first piece of major legislation this Congress with my bill — the GENIUS Act. With GENIUS, the United States is one step closer to becoming the crypto capital of the world. The GENIUS Act establishes the first ever pro-growth regulatory framework for payment stablecoins. This bill will cement US dollar dominance, protect customers, increase demand for US treasuries, and ensure that innovation in the digital asset space is in the hands of the United States of America, not our adversaries. With GENIUS, the value of stablecoins will be pegged to the U.S. dollar and backed 1 to 1 by cash or short-term U.S. treasuries. By combining the dollar’s advantages with the speed and efficiency of blockchain technology, the GENIUS Act facilitates trad-fi’s adoption of crypto and ushers in a new generation in payment processing. The prospect of faster and cheaper payments will have far-reaching implications for our financial system. Once the GENIUS Act is law, corporations, small businesses, and individuals will be able to settle payments nearly instantaneously, rather than wait for days or weeks and accrue the fees that go with it. Put simply, stablecoins are a paradigm-shifting development that can bring our payment system into the twenty-first century. This legislation establishes procedures for issuing stablecoins, designates clear roles for federal and state regulators, implements standards for consumer protection, and includes strong safeguards to deter illicit activity. Projections show that with the passage of GENIUS, stablecoin issuers could become the world’s largest holders of U.S. Treasuries by 2030. Such an outcome would shore up our fiscal resilience and cement the U.S. dollar’s status as the global reserve currency. Today was a big win for the United States of America. I’d like to thank my colleagues for supporting this legislation. Particularly, I’d like to thank LeaderJohnThune, SenatorTimScott, SenLummis, SenGillibrand, and Sen_Alsobrooks for helping to get this across the finish line.”

• Hagerty appeared on Fox Business to discuss final passage of the GENIUS Act, saying, “I’m very enthusiastic about the stablecoin legislation that I’ve led. We’ve been working on this for months. We have a strong bipartisan product. We will deliver that midday today. We’ll have it ready, and I think it’s got a tremendous amount of input from the industry, from my colleagues here. We’ve involved the administration. I think we’re going to have a great product that actually sets the stage for moving into a modern-day payment system into the 21st century. Getting us off the old system that was designed in the 1970s and eighties, making the dollar the key element in the digital arena. And frankly, it will stimulate more demand for U.S. treasuries. It will strengthen the dollar’s position as a reserve currency. We’re going to see that advance in a way that, again, takes a lot of friction out of an old, clunky system, reduces counterparty risk, reduces currency risk, and will bring a lot of working capital back to the companies that need it and back into the economy. With respect to the [Securities and Exchange Commission], I couldn’t ask for a better partner than [SEC Chairman] Paul Atkins. He’s doing a terrific job already. We’re going to be working arm-in-arm to try to help advance the entire cryptocurrency industry, the entirety of this industry, that’ll keep us on the cutting edge of the 21st century. As you mentioned, I want to make my state a hub. We’ve got Bitcoin miners there. We’ve got Bitcoin Park there. We had the great Bitcoin Conference there that President Trump attended. That’s where he announced that he would be firing [Former SEC Chairman] Gary Gensler. I think that received great applause, and I think everybody’s extremely happy to see someone, strong conservative, hard-nosed fellow, like Paul Atkins, coming into office. I’m looking forward to working, arm-in-arm, together with him.” (Press release)

• Hagerty also tweeted, “The GENIUS Act will cement U.S. dollar dominance, protect customers, drive demand for U.S. Treasuries, & ensure that digital asset innovation happens in the U.S., not overseas. With this bill, we are one step closer to becoming the global leader in crypto. Let’s get this done.”

• Sen. Catherine Cortez Masto (D-NV) said of her support for the GENIUS Act, “We need to do more to regulate cryptocurrencies and support American businesses, consumers, and our national security. If Congress doesn’t act, we risk sidelining ourselves in favor of foreign countries who would gladly take our place in helping shape this growing sector. This bill is the first step to ensure stablecoins issued in the United States are not used to scam or defraud people or facilitate illicit finance, while also providing regulatory clarity our domestic industry needs to innovate here at home.” (Press release)

• Sen. Cory Booker (D-NJ) said of his support for the GENIUS Act, “As new technologies and payment systems emerge, it is essential that Congress moves quickly to establish regulatory frameworks that protect consumers from predatory practices, keep our markets safe, and prevent bad actors from exploiting regulatory gaps. Stablecoins, which millions of consumers already use to facilitate digital asset trading, are undeniably a part of the future of the global financial system, but are largely operating outside of the regulatory system or relying on a patchwork of inconsistent state regulations, posing serious risks to businesses and consumers alike. The U.S. should be a leader in setting standards for consumer protection and responsible innovation in the space. This bill is the result of months of bipartisan negotiations and offers robust guardrails for consumers in the U.S. It offers an important starting point for protecting financial security and our broader economy, closing loopholes on foreign-issued stablecoins that pose risks to national security, strengthening federal oversight over stablecoin issuers, and expanding consumer protections in the event of a stablecoin collapse. The bill also expands ethics requirements on government employees, ensuring special government employees like Elon Musk cannot enrich themselves while serving in government. This bill is the beginning. There is still a significant amount of work to do to ensure that digital assets are operating in a way that protects and benefits consumers and holds industry accountable. I am also deeply concerned by the ongoing corruption by the Trump administration, as President Trump, his family, and other administration officials seek to exploit their roles in order to cut big real estate deals and enrich themselves on memecoin schemes.  I urge my colleagues to continue to work in a bipartisan manner to craft legislation that evolves alongside our changing financial system, and to hold the Trump family accountable.” (Press release)

• Senate Banking Chair Tim Scott (R-SC) tweeted, “The Senate just passed the GENIUS Act — bipartisan stablecoin legislation I championed to secure America’s leadership in digital assets, protect consumers, and bolster U.S. national security. Let’s get this bill to President Trump’s desk.”

• Scott also tweeted, “When I became chairman of BankingGOP, I promised to prioritize digital assets legislation – and we quickly got to work. With the GENIUS Act, we’re delivering on that promise.”

• Scott also tweeted, “The GENIUS Act sends a clear message: under President Trump, the United States will lead in the digital asset revolution.”

• Sen. Cynthia Lummis (R-WY) tweeted, “Today brings us one step closer to becoming a welcoming home for digital asset companies. Now, let’s finish the job & pass market structure legislation to fulfill POTUS’ vision of becoming the crypto capital of the world.”

• Lummis also tweeted, “The Senate took a critical step toward securing U.S. Dollar dominance by passing the bipartisan GENIUS Act. I look forward to working with my colleagues on comprehensive market structure legislation to protect consumers & ensure America’s place as the crypto capital of the world.”

• Sen. Bill Cassidy (R-LA) tweeted, “Proud to vote for the GENIUS Act this week. It strengthens our national security, safeguards consumers, and maintains U.S. dominance. I’m looking forward to building on this momentum and keeping America in the driver’s seat on crypto!”

• Sen. Richard Blumenthal (D-CT) tweeted, “The GENIUS Act emboldens Trump crypto corruption & industry self-enrichment without protecting consumers. Our amendments seeking to bar presidential schemes & criminal money laundering were blocked. New laws are needed to establish crypto guardrails & safeguards, but the GENIUS Act is ineffectual or worse.”

• Blumenthal also tweeted, “The Trump family & Big Tech are eager to enrich themselves & consolidate financial power through crypto ventures & stablecoins. My colleagues & I have sensible amendments to the GENIUS Act to avert these risks. Senate Rs should let us vote on these fixes, not jam the bill through”

• Sen. Jeff Merkley (D-OR) tweeted, “Republicans forced passage of the GENIUS Act—giving Trump’s crypto corruption a Congressional seal of approval. Passing this bill without powerful anti-corruption amendments sets a terrible precedent. Infuriating and a complete failure to defend the integrity of our national government.”

• Merkley also tweeted, “Passing the GENIUS Act as-is would put a Congressional rubber stamp on Trump’s blatant crypto corruption. We need to vote on my amendment to ban elected officials from selling influence and enriching themselves with crypto schemes!!”

• Merkley also tweeted, “Republicans want to ram through the fatally flawed GENIUS Act without amendments—and put a stamp of approval on Trump’s blatant crypto corruption. The majority party should honor the promise they made when bill was moved to floor to have an open amdmt process so that we can debate and vote on important amdmts. The American people deserve no less.”

• Sen. Dick Durbin (D-IL) said of his opposition to the GENIUS Act, “Passing the GENIUS Act could help the stablecoin market grow 10-fold over the next three years to a $2 trillion market. I will vote ‘no’ when it comes up this week. We prohibit congress from [issuing] cryptocurrency, why do we have two different standards? I think the answer is obvious. If the Senate passes this legislation tomorrow, it would give Congress’ blessing for President Trump and his family to further enrich themselves with very little protection for consumers. President Trump’s crypto dealings reportedly account for nearly 40 percent of his net worth… In just a few months, the Trump family has pulled in approximately $1 billion from crypto.” (Press release)

• Durbin also tweeted, “Today, I voted NO on the GENIUS Act. With no amendment process, this bill will allow crypto ATM scams to continue at the expense of unsuspecting Americans. Conveniently, it also allows the President and his family to continue owning, issuing, and profiting off of stablecoins.”

• Sen. Elizabeth Warren (D-MA) tweeted, “Leader Thune is blocking critical amendments that would fix the GENIUS Act – including stopping Donald Trump from lining his pockets with shady crypto deals. Democrats have the power to push for fixes to this bill. We should use it.”

• Sen. Tina Smith (D-MN) tweeted, “Republicans are jamming through the GENIUS Act which will turbocharge Donald Trump’s crypto corruption. We need an amendment vote to stop the President, Vice President, and senior government officials from directly or indirectly profiting from a stablecoin venture. The GENIUS Act should not pass without a vote on this fix.”

• Sen. Chris Murphy (D-CT) tweeted, “The Senate cannot stand by while Donald Trump turns our nation’s foreign policy into a machine to enrich himself. That’s why I’m forcing a vote to stop selling arms to nations that are willing to pay off Trump with luxury planes or investments in his crypto scams.”

• Sen. Pete Ricketts (R-NE) issued a statement saying, “The GENIUS Act protects consumers while promoting innovation and opportunity. It prioritizes national security and advances the U.S. dollar.  Nebraska’s a major innovator in the stablecoin space and my amendment will give priority to states like ours when becoming certified.” (Press release)

• Sen. Ted Budd (R-NC) tweeted, “Proud to support the first-ever digital asset legislation to pass the U.S. Senate. The GENIUS Act will drive American innovation in the financial sector, protect consumers by boosting transparency, & further cement the U.S. dollar as the world’s reserve currency.”

• House Financial Services Chair French Hill (R-AR) said, “Clear rules of the road for stablecoins are long overdue, and today we’re one step closer to creating a functional regulatory framework. I applaud the Senate’s passage of the GENIUS Act and the work of Chairman Scott, Senator Hagerty, and Senator Lummis to make this historic day a reality. I look forward to working with my House colleagues to bring much-needed clarity and protections to the digital asset ecosystem.” (Press release)

• Rep. Buddy Carter (R-GA) tweeted, “The Senate passed the GENIUSAct. It’s time that the House gets this across the finish line. Digital currency is the future!”

• Carter also tweeted, “Crypto will be a key component of the future. America should be taking the lead. That’s why I’m proud to support the GENIUSAct and call on Georgia’s Senators to do the same.”

• Rep. Nick Begich (R-AK) tweeted, “Great news coming out of the U.S. Senate with the passage of the GENIUS Act – legislation that drives digital asset innovation and protects the U.S. consumer by ensuring smarter and more secure transactions when it comes to stablecoins. America is ready to lead in the race towards digital asset dominance and economic security!”

• Rep. Haley Stevens (D-MI) tweeted, “Michigan is home to cutting-edge innovation, and we must ensure our workers, innovators, and consumers benefit from the potential of stablecoins and other digital assets. I look forward to working with my House colleagues to pass a responsible framework that unlocks the promise of digital assets and protects against abuse.”

• Rep. Martin Stutzman (R-IN) tweeted, “With the passing of the GENIUS Act today, the Senate has put our nation in the driver’s seat when it comes to payment stablecoin. I am eager to continue working on this landmark legislation in the House as the US works towards setting the global standard in the digital age!”

CLARITY Act

• House Financial Services Ranking Member Maxine Waters (D-CA) issued a statement saying, “This bill includes loopholes and exemptions from regulation that expose everyday investors to fraud, pave the way for FTX-style fraud and collapses, and endanger our national security. And it hands even more power to megabanks and crypto giants. Despite the industry’s request for clarity, this bill creates vague new definitions that will result in endless litigation. As a result of his crypto schemes, his net worth has skyrocketed to $5.6 billion, of which, according to Forbes, $1.2 billion is from his crypto scams, with millions or even billions more on the way. This is while our constituents face Republican cuts to critical programs and are struggling to pay their mortgage or rent and put food on the table.” (Press release)

• House Agriculture Committee Ranking Member Angie Craig (D-MN) delivered opening remarks in the markup, saying, “Last year, an estimated 55 million American adults held or used cryptocurrency for financial transactions. And that number is growing annually at a rapid rate. If Congress does nothing, this number will continue to grow. And it will grow without the consumer protections that retail investors need and deserve. Protections like those that govern other corners of the American financial system. Congress has a responsibility to put a market structure with guardrails in place to help keep the American people’s investments safe from fraud and undue financial risk. The CLARITY Act is not a perfect bill, but it is an important step forward. There are significant concerns still that I hope, during this markup today, we will be able to mitigate. It does, however, take the first step toward putting in place the consumer protections that digital asset markets currently lack, like disclosures and sequestering consumer funds to protect retail investor deposits from being misused.” (Press release)

• Rep. Young Kim (R-CA) tweeted, “More than 8 million Californians own digital assets. Our policies need to keep up with the 21st century, which is why FinancialCmte passed the CLARITY Act to deliver a clear roadmap to bring blockchain companies back to America, promote innovation, & protect consumers.”

• Rep. Bill Huizenga (R-MI) tweeted, “Good news! Last night, the FinancialCmte passed the CLARITY Act! Digital assets, such as cryptocurrencies hold immense potential and benefits. The CLARITY Act establishes a clear regulatory framework for digital assets that aligns with our existing financial markets, while accounting for their unique characteristics. By passing a comprehensive market structure framework, responsible actors will now have greater certainty and consumers, greater protection from bad actors. Lastly, by passing broad market structure legislation, Congress ensures innovation and development of these products remain in the United States and not abroad.”

• Huizenga also tweeted, “We have reached hour twelve and the financialcmte is about to be one step closer to providing the regulatory clarity necessary for digital assets market participants. The CLARITY Act will provide consumers with greater protection from bad actors as well as greater certainty. I am looking forward to casting a vote in support of this important legislation!”

• Rep. Jim Himes (D-CT) said, “We have all been treated to one of the most egregious, shocking abuses from the White House[…] imaginable. And my Republican colleagues know that if the Bidens had done this we wouldn’t get near this building, it would be white hot with impeachment. So, all I’m asking for in this amendment, and I’m interested to see what the substantive arguments are against it, is that any elected official that is tasked with regulating this instrument that we’re breathing life into, the digital commodity, not be able to issue a digital commodity. It is madness that we should be allowed to issue a memecoin or a digital asset or a digital commodity because it’s just a vehicle for a bribe. And that should be as true of the freshman member on this Committee as it is to the President of the United States, who is accruing increasing authority, thanks to the Supreme Court, over the independent regulatory agencies.” (Press release)

• Rep. María Elvira Salazar (R-FL) tweeted, “I am proud to support the CLARITY Act. The bill will: Protect consumers Foster innovation in the digital asset space Keep U.S. companies at home. It’s time to end confusion and start leading the digital asset revolution.”

• Rep. Don Davis (D-NC) tweeted, “The CLARITY Act passed out of the House Agriculture Committee, bringing us closer to clear rules for digital assets, stronger consumer protections, and a more innovative future. America must lead.”
• Rep. Zach Nunn (R-IA) tweeted, “Incredibly proud of the work we’ve done on HouseAgGOP and FinancialCmte to provide the regulatory CLARITY necessary for our digital asset innovators.”

• Nunn also tweeted, “Digital innovators want one thing: clear rules. In Iowa, we’ve had them for pork, beans, and hogs for nearly 200 years. The CLARITY Act delivers just that, clearly defining SEC vs. CFTC roles to protect innovation and ensure U.S. leadership in the digital asset space.”

• Nunn also tweeted, “The American people are tired of regulatory gridlock and delay tactics. It’s time to pass this bill and make sure the U.S. leads in digital asset innovation. Clear rules of the road are worth fighting for.”

• Nunn also tweeted, “We can’t let Beijing, Moscow, or Tehran write the rules of the digital economy. The bipartisan CLARITY Act ensures U.S. leadership by giving innovators clear rules and placing digital commodities under the CFTC—just like we do for corn, soybeans, and pork in Iowa.”

• Rep. April McClain Delaney (D-MD) tweeted, “Digital assets and AI are already shaping how we live and work from small business payments to food safety on farms. But with innovation can come risks. That’s why I’m working to strengthen the bipartisan CLARITY Act with practical safeguards – my amendments close loopholes, require real conflict-of-interest rules, and ensure a level playing field for all market entrants. Getting it right will ensure a more trust worthy financial eco-system.”

• Rep. William Timmons (R-SC) tweeted, “With President Trump in the White House, we now have a real opportunity to restore leadership in digital finance.”

• Rep. Ralph Norman (R-SC) issued a statement saying, “The fact of the matter is that Chinese companies are generally required by Chinese law to share data with the Chinese government. As a result, these companies present a substantial risk to individual privacy and national security in the United States, especially since they are not required to share any information in return. I look forward to supporting the CLARITY Act, and I’m grateful for the inclusion of this provision, which promotes transparency about how our nation’s strategic enemies may be exploiting the digital asset marketplace to invade Americans’ privacy and steal valuable intellectual property.” (Press release)

• Norman tweeted, “Chinese companies must hand over data to the CCP, posing a serious threat to U.S. privacy and national security. Proud that my provision was included in the CLARITY Act to shine a light on how our adversaries exploit digital assets to spy and steal.”

• Rep. Bryan Steil (R-WI) tweeted, “Regulatory ambiguity has stifled innovation, discouraged entrepreneurs, and left Americans vulnerable to fraud. The CLARITY Act addresses these challenges by establishing a clear framework for digital asset markets and closing the current regulatory gap.”

• Steil also tweeted, “For years, regulators have questioned whether cryptocurrency and digital assets fall under the jurisdiction of the SEC or the CFTC. The Clarity Act provides a clear answer.”

• Rep. Dusty Johnson (R-SD) tweeted, “For too long, the digital assets industry has faced a patchwork of unclear rules in the U.S. This lack of leadership stifles innovation. HouseAgGOP just passed my legislation, the CLARITY Act, by a 47-6 vote to bring certainty to digital assets in the U.S. Thank you CongressmanGT, RepFrenchHill, and @RepBryanSteil for your partnership in this space.”

• Johnson also tweeted, “A surrender of leadership in the digital asset space has created a patchwork of unclear rules and enforcement-first tactics, stifling innovation and investment in the U.S. Today, that changes. It’s time for CLARITY.”

• House Committee on Agriculture tweeted, “Receiving bipartisan support, H.R. 3633, the CLARITY Act of 2025, has been reported favorably out of the Committee. Working together, we can deliver the certainty and clarity digital asset entrepreneurs and markets need.”

• House Financial Services Chair French Hill (R-AR) said, “The absence of clear and consistent rules and regulations governing the use and development of digital assets not only slows innovation, but it also puts consumers and investors at greater risk. …This legislation is a critical step towards providing legal certainty, protecting consumers, and ensuring that the United States remains a leader in digital innovation.” (x.com)

• Rep. Andy Barr (R-KY) tweeted, “I’ve been working with FinancialCmte to move The Clarity Act and stablecoin legislation that will set America up to be the home of cryptocurrency for the world. By setting the rules of the road, we ensure no future SEC Chair could do what Gary Gensler did and sabotage the growth of crypto through the weaponization of govt regulation.”

• Rep. Sam Liccardo (D-CA) tweeted, “I believe we need sensible crypto regulation, and I worked with a bipartisan group that sought to hammer out differences in the CLARITY Act on several issues, including some basic conflict of interest rules governing public officials like President Trump.”

Digital Assets Taxes

• Sen. Cynthia Lummis (R-WY) tweeted, “Unfair tax laws are making bitcoin and digital asset payments difficult and impractical. We need to fix these provisions in reconciliation.”

• Lummis also tweeted, “Reconciliation is our chance to fix crypto provisions that unfairly double tax bitcoin and digital assets.”

• Lummis also tweeted, “Bitcoin and digital assets are being unfairly targeted because of flawed tax rules. We need crypto revisions in reconciliation.”

• Rep. Max Miller (R-OH) tweeted, “It has never been more evident that we need clarity and parity in the tax code. At today’s WaysandMeansGOP hearing with SecScottBessent, we discussed how Congress can work with the Trump Administration to bring tax clarity amidst the rapid rise of digital assets across the financial landscape.”

Interviews

• In an interview with Semafor, New Democrat Coalition Chair Brad Schneider (D-IL) was asked how he sees Democrats “moving forward on digital assets, given that there are Democrats with real hesitations around Trump-affiliated digital assets and then others who say Congress needs to act.” Schneider responded, “The fact that the corruption is transparent and out in the open doesn’t make [Trump-affiliated assets] any less corrupt. But Congress can’t wish away what’s happening out in the world — and crypto is happening.” (Press release)

• In a fireside chat at the Blockchain Association Summit Series, Sen. Ruben Gallego (D-AZ) spoke about the future of digital assets regulation.
  • On what sparked his interest in crypto, he said, “What got me interested in crypto was the fact that other people were interested in crypto. My old congressional district is largely working class, Hispanic, also the largest African American community in Arizona. And the fact that there were young Black men and Latino men that were talking about crypto, interested in crypto […] As a legislator, I think that’s your job, right? If your constituents are showing interest in this, then you should show interest in it too.” 
  • On ensuring the U.S. remains a leader in innovation, he said, “We can really be the main driver in the world on it […] and also set the rules of the road that the rest of the world could actually abide by. Why wouldn’t we want a first-mover competitive advantage in the United States? Bring that money, bring that brain power, bring that business here and dominate it for the next century—like we did with the financial markets.” 
  • On the need for regulation, he said, “So, we can actually give some clarity to the industry, so they know how to invest, where to invest, they know the rules of the road, they know what the parameters are of what is legal versus not legal. And for the consumers actually to know what are the recourses should things go wrong.” (Press release)

• Punchbowl News highlighted the key leadership role of Sen. Kirsten Gillibrand (D-NY) in the development and passage of the GENIUS Act.
  • Regarding her partnership with Sen. Bill Hagerty (R-TN), she said, “When I heard he wanted to be the lead on stablecoins, I immediately called him.”
  • On negotiating changes to garner support from Democrats, she said, “I could make the case to Sens. Lummis and Hagerty, and nine out of 10 times, they agreed.”
  • Regarding timing, she said she “couldn’t wait another Congress until the Democrats were in charge again. I really felt like time is of the essence. We were losing market share.”
  • On her colleagues’ opposition to digital assets, she said, “I would just suggest that this is a relatively new industry. There’s not a great deal of depth and knowledge within the Senate’s staff.” (Punchbowl)

Miscellaneous

• Rep. Warren Davidson (R-OH) tweeted, “Now that the Senate has passed the Genius Act to regulate stablecoins federally, protecting self-custody becomes even more urgent. No worries about this Trump administration, but account-based crypto is superficial deception. Protect self-custody!”

• Rep. Bryan Steil (R-WI) tweeted, “The Web3 race is here and America is ready to lead. Stablecoin and market structure legislation will unlock the Golden Age of digital assets.”

• Sen. Dick Durbin (D-IL) tweeted, “Crypto ATMs aren’t being ‘exploited’ to facilitate fraud. Fraud is almost all they’re used for. Scammers are targeting elderly Americans, sometimes wiping out their entire savings. We must regulate crypto, and I’m saying so in Committee right now.”

• Sen. Bernie Sanders (I-VT) tweeted, “Middle East autocrats know money is the best way to influence Trump. That’s why they’re buying his crypto, signing deals & giving him a luxury jet. We need a government that works for the American people, not just those rich enough to bribe the president.”

• Rep. William Timmons (R-SC) tweeted, “I just sent a letter to SEC Chair Atkins requesting documents on the SEC’s inconsistent treatment of ETH under Chair Gensler and the Biden administration. The American people—and the crypto community—deserve transparency as Congress moves forward with the CLARITY Act.”

• Rep. Stephen Lynch (D-MA) tweeted, “Since taking office in January, President Trump has disbanded the Crypto Enforcement Unit at the Department of Justice and has signed an Executive Order pausing enforcement of financial consumer corruption laws. Donald Trump’s blatant violation of ethics laws and exploitation of the Presidency to further his own financial gain cannot go unchecked.”

House Ways and Means Committee Hearing with Treasury Secretary Scott Bessent

• Rep. Max Miller (R-OH) asked Secretary Bessent questions about digital assets taxation:
  • Miller: “Over the past few years, we’ve seen the rapid rise of digital assets across the financial landscape. More and more Americans from everyday investors to institutional asset managers are engaging with these technologies, and not just for speculation, but as a part of broader shift toward more accessible decentralized financial tools. And it’s not just individuals increasingly United States businesses are integrating cryptocurrencies into their corporate strategies. This trend is unfolding across industries, but it’s not without risk as we know. Without clear accounting and tax guidance, these decisions introduce new layers of market exposure, not just for shareholders, but for the financial system as a whole. It has never been more evident. We need clarity and parody within the tax code. At first question I have Mr. Secretary, experts estimate that enacting a clear federal stablecoin framework could unlock up to 2 trillion and new demand for US Treasuries largely from institutional and global buyers seeking high quality collateral. How do you view the potential benefits of stablecoin legislation in strengthening domestic demand for treasuries and supporting broader access to credit products such as mortgages that Americans rely on?”
    • Bessent: “Congressman Miller that is fantastic question. And I have been in touch. A lot of discussions with your colleagues in the Senate from London over the weekend, as they push through their stablecoin legislation are urging them to get it to a vote as quickly as possible, but Because I believe that US dollar back stablecoins, as you said, collateralized with Treasury bills could be a substantial portion. They create a substantial new buyer for US Treasury bills. And I think equally as important, it can lock in dollar dominance. Over history, there has been a series of events that have kept the US as a reserve currency. And I think passing this important stablecoin legislation could be the that event for the 2020s.”
  • Miller: “I could not agree more with you. That’s why I’m excited to see the push for it. Would you agree, Mr. Secretary, that pairing that type of stablecoin legislation with clear modernized tax guidance for digital assets would offer the greatest chance of encouraging responsible investment giving both individuals and institutions the confidence and certainly they would need?”
    • Bessent: “Yes, sir.”

Senate Committee on Agriculture, Nutrition, and Forestry hearing to consider the nomination of Brian Quintenz to serve as Chairman and Commissioner of the Commodity Futures Trading Commission (CFTC)

• Sens. Tommy Tuberville (R-AL), Roger Marshall (R-KS), Ben Ray Lujan (D-NM) and Chair John Boozman (R-AR) asked questions about digital assets:

• Tuberville: “You know, for the last four years, the Biden administration led an attack on cryptocurrencies and digital assets. It was obvious to all of us—I think you know that better than anybody. One of the ways they did this was by attacking leaders in the digital asset industry, like yourself. I’m glad to see that today we live in a new world with the most pro-crypto President and administration that we have seen. I’m eager to see you lead the CFTC as we enter the Golden Age of American innovation and prosperity, and I look forward to supporting your nomination. When you came by my office prior to this hearing, we discussed how you were debanked because of your leadership and stance on digital assets. For years, my Democrat colleagues said that this was not happening. Obviously, it was. You were even sent a letter informing you that you were being debanked. Mr. Chairman, I would like to ask for unanimous consent that the letter dated July 7, 2023, from UBS to Mr. Quintenz be entered into the record. Thank you. Mr. Quintenz, would you like to discuss this letter and the broader Biden administration attack on crypto?”
  • Quintenz: “Thank you very much, Senator. I was very disappointed to receive that. First of all, I’d like to say that the relationship manager and financial advisor mentioned in that letter is a trusted family friend, and I don’t hold this against him at all. I think the only reason why this would happen is because of pressure from the regulators to debank a disfavored industry. You know, these were accounts that were set up for my children to receive $100 worth of stock from their grandparents for Christmas, so I don’t want to also overemphasize the pain that this caused me. But I think it is endemic of what happened during the last administration that I do not think represented American values. And I know from personal experience that there were investments that our firm was trying to make into small teams. And our firm couldn’t even send them a check because they couldn’t open a bank account because they were in the crypto industry. I believe legal businesses deserve access to legal services, and I’m glad that is starting to change.”
• Tuberville: “Can you discuss the regulatory and enforcement clarity between the SEC and the CFTC as it relates to crypto, and what further congressional actions need to be taken?”
  • Quintenz: “Thank you, Senator. From my experience at the CFTC and afterward, the agencies either share jurisdiction over the crypto spot markets or enforce markets through enforcement actions. However, it has really been the SEC’s decision to determine which products or securities they carve out and take into their own jurisdiction. Unfortunately, I believe there has been a lack of clarity offered to the marketplace, innovators, and entrepreneurs about how they could build something that complies with the law or how to build something within the SEC’s jurisdiction that follows the rules. Both agencies have experience in crypto enforcement, but for the CFTC, it has mostly confined itself to fraud cases—standard Ponzi schemes, which aren’t necessarily about people using cryptocurrency but rather about using cryptocurrency as a tool for investments and then stealing people’s money. So, to the extent that new clarity can be added to enable innovators and entrepreneurs to build compliantly, I think that is a critical issue for Congress to consider.” (Press release)

• Marshall: “We all understand the critical role that AG futures markets play in the risk management for our farmers, you mentioned that you’ve been to Kansas, it’s amazes me pretty small size, relatively sized farmers are now using your services in a good way. But it’s my understanding that innovation in digital assets is driving the CFTC to consider new market structures such as 24/7 trading and perpetual future contracts. We have some concerns about that back in ag land, that they raised significant certain concerns for farmers and other traditional market participants. How do you view the CFTC’s role is in both allowing responsible innovation and ensuring traditional market structures are not exposed to potentially harmful changes that could impact ag markets?”
  • Quintenz: “Thank you, Senator. First and foremost, I think it is critically important that the agency listen to the end user community in the agriculture industry, to ensure that we know very clearly what their preferences for how the products that they use are traded. I think that there is the opportunity for different kinds of innovations to affect different industries at different times. There’s no reason that 24/7 trading, if it is, if it is allowed for and flourishes in one area has to translate to other areas. I think that’s the case. Now, I think agricultural contracts have different trading hours. But again, I would I would pledge to to have a very open dialogue with the agricultural industry. I have heard these concerns already from them around expanded trading hours and the possibility of getting liquidated while they’re asleep for the possibility of, of liquidity and concerns. And I take those views seriously.”
• Marshall: “Great. I remember I think that the CFTC was set up in many ways to serve agriculture, not necessarily some of the newer Johnny come lately. So thank you. I want to talk about something that’s already been discussed the rapid growth with the digital asset sector. And of course, we’ve seen an entirely new market emerge because of that bringing its new products, its market participants and the occasional bad actor at times all culminating in more significant work for the CFTC. I believe the commission deserves credit for how it’s handled these new responsibilities. And I believe the challenges ahead will only grow with Congress considering legislation that could further expand your jurisdiction as well. How do you plan to ensure the commission remains focused on its core mission of supporting well functioning, transparent futures? The markets that producers can rely on for risk management?”
  • Quintenz: “Thank you, Senator. It was a it was a delight to visit with you and your office and again, recollect about my visits to your state and Indianola would love the opportunity to head back so I had the honor of being confirmed. And it’s a very important question. The agency’s markets, as they exist today cover $350 trillion worth of hedging transactions and price discovery transactions that affect the real world economy. In areas like that depend on metals, Energy, Agriculture, different kinds of financial products like interest rates, so there is no room to ignore or to lead up on ensuring that the agency meets that critical mission, especially when it comes to our systemic risk mandate a lot of people I don’t think appreciate the fact that the CFTC is as a systemic risk regulator that oversees what I believe are the most important systemically important institutions, financial institutions in the world. We have no, I would have no tolerance for ignoring those markets. And I would pledge to ensure that the agency’s full attention and historic attention is placed there.”

• Luján: “How do we build a regulatory structure around technology that’s advancing? Now, in this case, specific to cryptocurrency? One of the conversations that I’ve been a part of is how can we foster American innovation while also protecting consumers looking at creating the strongest environment anywhere in the world, in America, now the Committee has done important work to think through some of the hard questions on what a robust regulatory environment would look like. Now, I want to ask about your view on how CFTC would approach this task. Now, as you know, the CFTC is a small agency compared to the SEC, yes or no? Do you believe if the CFTC was given more explicit authority over digital assets? Where the agency needs more resources, including staff and infrastructure?”
  • Quintenz: “Thank you, Senator. I, I should say yes to that. I think that it is precedential, that new jurisdiction comes with new resources. The historical remit of the agency, as I’ve described many times is critically important. We can’t take our eye off of that ball. And so to the extent that new authorities come to the agency, I think there are ways that we can make every taxpayer dollar spent the most efficient way possible, but I would anticipate that new resources would likely be needed.”
• Luján: “I agree with you. Now, if you’re confirmed, or say, when you’re confirmed, would you seek more appropriated funds if you needed it to respond to a rapidly growing crypto market?”
  • Quintenz: “Thank you, Senator. I would be very transparent with you and your colleagues on this, on this Committee, about what I felt the needs of the agency were I think, former Chairman Russ Bynum did create his own budget request that a content called for $120 million increase in the first year that then scoped down to $60 million. I don’t have any visibility into what went into that, but I would want to review it and either adopt some of it or maybe redo it from a different perspective, but ensure that, again, we would take a technology first approach to that, and we would ask for what we needed.”
• Luján: “Appreciate that. Now, anti-money laundering regimes, which digital asset companies must have to prevent their platforms from being used for illicit activities. If confirmed, how will you work to oversee digital asset providers AML regimes, now that the United States Department of Justice has deprioritize pursuing regulatory violations, like compliance with Bank Secrecy Act, violations associated with money laundering and other commodity laws on digital asset companies?”
  • Quintenz: “Thank you, Senator. Yes, entities regulated by the CFTC currently qualify, I believe, as financial institutions and therefore have to have AML KYC programs supervised by the Financial Crimes Enforcement Network FinCEN. In the crypto ecosystem, any intermediary or centralized business that has a customer relationship that accepts and transmit customer funds, qualifies as a money services business and is also under, you know, FinCEN’s remit. And so I would imagine that both of those things, if Congress decided to pass a new regulatory authority wouldn’t change.”

• Boozman: “I think you’ve heard a lot from the Committee today in a bipartisan way that we would like to get some sort of a bill passed to regulate the digital commodity, to give regulatory authority to the CFTC. As Congress deliberates on granting the CFTC spot, digital commodity regulatory authority, what are key considerations? Should Congress and why? And why do you believe the CFTC is the right regulator for spot digital commodity trading?”
  • Quintenz: “Thank you, Mr. Chairman. I think the wonderful and the scary thing about this technology is that it is software and it can be anything, which also means that it can, it can evolve. It has new ways of being governed, and under certain kinds of, you know, programming and features and governance. The description that I hear from the founder of our fund that echoes with me. I’ll modify this a little bit. It’s a globally accessible computer that can make transparent commitments. That is a very powerful thing. Which also means that, you know, as crypto assets and blockchain technology evolves, and becomes decentralized, and allows networks to form and that governance process to be released outside of the control of an individual person, or an entity or a business and be distributed in a transparent way that poses new and interesting questions from a regulatory perspective, given that networks never just exist, they have to start somewhere they have to grow, they do have to evolve. And we can’t take action that would preclude that from happening. But we also have to be careful when that is happening, that customers are protected. And I think that gets to the point that I was trying to make previously about taking an action by Congress that can be very pro innovation and pro customer protection at the same point. And I do believe that if Congress decides to give authority to the CFTC, to regulate, Spot digital commodity markets exclusively, with clarity, I think the CFTC is more than up for that mandate. And that mission. We have I think some of the smartest people in all of government at the agency with some of the best technology in all government. And as I said anywhere on the planet. We have 10 years of history, in the crypto asset environment from starting with enforcement cases, but then been wonderfully moving to innovation with the listing of the first regulated Bitcoin futures contract in the world. And the insight that that gave the agency over the spot market through its derivatives market mandate, I think is an extraordinary thing.”

What I’m Reading This Week

• Wouldn’t It Be Nice? Clarity on Crypto Staking and Issuance, Lee A. Sheppard, Tax Notes

About Zero One Strategies

Zero One Strategies is a boutique government relations practice dedicated to navigating the complex landscape of U.S. federal policy in emerging technologies. As advancements in technology continue to outpace regulatory frameworks, Zero One Strategies aims to provide strategic guidance and bipartisan advocacy for innovators and businesses operating at the forefront of technological development.

The practice focuses on key areas such as artificial intelligence, blockchain, decentralized technologies, cybersecurity, data, and digital infrastructure, as well as the multiple policy issues impacting these sectors, including tax and financial services.

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