Last week in digital assets federal policy, the Senate released a new version of the GENIUS Act to create a regulatory structure for stablecoins, altered from the version that passed out of the Senate Banking Committee, and scheduled a cloture vote on a motion to proceed to debate on the Senate floor. A group of Democratic Senators supportive of the marked-up version objected to the cloture vote on the new text. Bill sponsors negotiated with the Democratic Senators on legislative changes, who called for more time to come to agreement before the procedural vote. The vote proceeded and subsequently failed by a vote of 48-49.  

House Financial Services Democrats blocked a joint hearing of the Financial Services and Agriculture Committees to consider digital assets market structure. Joint committee hearings require approval from all members, so the hearing proceeded as a joint roundtable. Agriculture Democrats remained in the joint roundtable. After blocking the hearing, Financial Services Democrats convening a counter-hearing on President Trump financially benefiting from crypto offerings.

In the Administration, the OCC confirmed national banks and federal savings associations may buy and sell assets held in custody at the customer’s direction and are permitted to outsource to third parties bank-permissible crypto-asset activities.

Read more below

Congress

Hearings

• Last week
  • On May 6, the House Agriculture Committee Commodity Markets, Digital Assets, and Rural Development Subcommittee and House Financial Services Committee Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee held a joint hearing/roundtable on American Innovation and the Future of Digital Assets: A Blueprint for the 21st Century.
  • On May 6, the House Financial Services Democrats held a counter-hearing to the joint roundtable on Trump’s Crypto Corruption. (Press release)
  • On May 7, the House Financial Services Committee held a hearing on the Annual Testimony of the Secretary of the Treasury on the State of the International Financial System.
• Upcoming
  • The House Financial Services Committee will hold a markup of various measures on May 20 and 21.

Legislation

• House Financial Services Chair French Hill (R-AR), House Committee on Agriculture Chairman G.T. Thompson (R-PA), House Financial Services Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence Chair Bryan Steil (R-WI), and House Agriculture Subcommittee on Commodity Markets, Digital Assets, and Rural Development Chair Dusty Johnson (SD-AL) released a discussion draft of a bill to establish a regulatory framework for digital assets in the United States. (Discussion draft)(Section-by-section)(Summary)

• A new version of the GENIUS Act was introduced by Sens. Bill Hagerty (R-TN), Cynthia Lummis (R-WY), Tim Scott (R-SC), and Dan Sullivan (R-AK) (Text)

• Sens. Jeff Merkley (D-OR) led Senate Minority Leader Chuck Schumer (D-NY) and Sens. Elizabeth Warren (D-MA), Mazie K. Hirono (D-HI), Chris Van Hollen (D-MD), Jack Reed (D-RI), Kirsten E. Gillibrand (D-NY), Catherine Cortez Masto (D-NV), Ron Wyden (D-OR), Bernard Sanders (I-VT), Andy Kim (D-NJ), Angela Alsobrooks (D-MD), Cory Booker (D-NJ), Edward Markey (D-MA), Tammy Duckworth (D-IL), Elissa Slotkin (D-MI), Mark Kelly (D-AZ), Lisa Blunt Rochester (D-DE), Richard Blumenthal (D-CT), and Jeanne Shaheen (D-NH) in introducing the End Crypto Corruption Act to ban the President, Vice President, Senior Executive Branch Officials, Members of Congress, and their immediate families from financially benefiting from issuing, endorsing, or sponsoring crypto assets, such as meme coins and stablecoins. (Text)(Press release)

• House Financial Services Ranking Member Maxine Waters (D-CA) released a discussion draft to establish certain digital asset prohibitions with respect to Government officers and employees. (Text)(Press release)

• Rep. Ritchie Torres (D-NY) introduced a bill to prohibit the issuance, promotion, or sale of digital assets that use the name, likeness, or identifiable traits of certain federal officials or their immediate family for financial gain, and to establish regulatory oversight under the Securities and Exchange Commission. (Text)

Correspondence

• Senate Permanent Subcommittee on Investigations Ranking Member Richard Blumenthal (D-CT) sent letters to World Liberty Financial and Fight Fight Fight LLC, the company that launched President Donald Trump’s $TRUMP memecoin, requesting information about steps the company has taken to address conflicts of interest posed by the President’s ability to profit from the market value and activity of the token. (Letter)(Letter)(Press release)

• Sens. Jeff Merkley (D-OR) and Elizabeth Warren (D-MA) sent a letter to the Acting Director of the U.S. Office of Government Ethics requesting an urgent inquiry into a billion-dollar business deal between Emirati investment firm MGX, crypto exchange Binance, and World Liberty Financial (WLF). (Letter)(Press release)

• Sens. Chris Van Hollen (D-MD), Elizabeth Warren (D-MA), Richard Blumenthal (D-CT), Sheldon Whitehouse (D-RI), and Mazie Hirono (D-HI) sent letters to Treasury Secretary Scott Bessent and Attorney General Pam Bondi requesting information regarding the Trump Administration’s oversight of cryptocurrency exchange Binance’s legal obligation to exit the U.S. market. (Letter)(Press release)

• Sen. Elizabeth Warren (D-MA) sent a letter to the Acting Director of the U.S. Office of Government Ethics requesting information regarding the White House’s waiver allowing White House AI & Crypto Advisor David Sacks to advise the Administration on technology and cryptocurrency policies while owning investments in the crypto industry. (Letter)(Press release)

Publications

• Sen. Ted Budd (R-NC) published an op-ed in the News & Observer on expanding Pell Grant eligibility for high-quality, short-term workforce programs, saying, “Across the country, more Americans are questioning the belief that a four-year college degree is the only gateway to a stable, successful career. As we enter a new era of rapid technological innovation, tools like artificial intelligence are completely rewiring how our industries operate, forcing employers to reconsider the qualifications that matter most in today’s job market. We cannot build tomorrow’s workforce based on the blueprint for yesterday’s economy. More than 85% of companies are experiencing, or expect to experience, a significant skills gap within the next five years. Leading employers at major companies have already recognized this and adapted, hiring based on skills and abilities, not just degrees. Congress should lean into this new reality by creating opportunities that reward continued learning so America can attract, develop and retain talent while making our economy more competitive. Whether it is through advanced manufacturing certifications or healthcare tech training, practical knowledge and adaptability are now the most valuable currency in our labor market.” (Op-ed)

Trump Administration

Office of the Comptroller of the Currency (OCC)

• The OCC published Interpretive Letter 1184 to confirm that national banks and federal savings associations may buy and sell assets held in custody at the customer’s direction and are permitted to outsource to third parties bank-permissible crypto-asset activities, including custody and execution services, subject to appropriate third-party risk management practices. (Letter)(Press release)

Securities and Exchange Commission (SEC)

• The SEC Crypto Task Force will hold its next roundtable DeFi (Decentralized Finance) and the American Spirit on June 9, 2025.

Noteworthy Quotes and Events

ADMINISTRATION

Office of the Comptroller of the Currency (OCC)

• OCC tweeted, “OCC-regulated banks may buy and sell assets held in custody and are permitted to outsource bank-permissible crypto-asset activities, including custody and execution services.”

Treasury Department

• Treasury Secretary Scott Bessent tweeted, “We believe the United States should be the premier destination for digital assets. Digital assets are an important source of innovation that can drive usage of the U.S. dollar around the world with stablecoin legislation.”

• Bessent said in the House Financial Services and Ag Subcommittee roundtable, “My personal view is that having a Central Bank Digital Currency is a sign of weakness, not strength.” (x.com)

CONGRESS

GENIUS Act

• Sen. Ruben Gallego (D-AZ) issued a statement on the GENIUS Act cloture vote, saying, “Over the past few days, we engaged in meaningful, bipartisan discussions to get the GENIUS Act to a place that could be supported by Democrats and Republicans, alike. However, legislation of this scope and importance cannot be rushed. I went to the floor and asked for more time to negotiate, without delaying the bill’s timeline for final passage. Republicans refused. Without more time to at least finish the bill text, there was no true bipartisan path forward. I will always be willing to continue to work on bipartisan stablecoin legislation. America must lead in this space and consumers deserve to be protected.” (Press release)

• Regarding President Trump’s digital assets promotions, Sen. Ruben Gallego (D-AZ) said, “A lot of that’s been kind of, I think, a distraction more than anything else. If we don’t pass any stablecoin legislation, he’s still going to do everything he’s going to do right now. The most important thing we can do is get a strong, strong bill.” (Politico)

• Sen. Lisa Blunt Rochester (D-DE) released a statement on the GENIUS Act cloture vote, saying, “I support the goal of establishing a lasting, bipartisan, and durable regulatory framework for digital assets. Currently, the stablecoin market is an unknown landscape, with no structure or protections.  Stablecoins will likely be a part of the financial landscape of the 21st century, so it is crucial that Congress enact legislation to regulate this growing industry, promote innovation, and protect consumers. However, without being given proper time to review the latest legislative language and ensure the necessary consumer protections are in place, I voted no on cloture. I have spent a considerable amount of time and effort working to improve the bill since its passage out of the Banking Committee earlier this year. Any legislation that does not include meaningful changes to safeguard consumers, rein in foreign governments and bad actors from using stablecoins to launder money and strengthen the stability of the financial system misses the mark. I also remain concerned about the ongoing self-dealing and financial conflicts of interest being carried out by the Trump family. I will continue to conduct and advocate for Congressional oversight from my position on the Senate Banking Committee and remain committed to negotiating this bill to improve it.” (Press release)

• Sen. Ben Ray Luján issued a statement on the GENIUS ACT cloture vote, saying, “Stablecoins are positioned to play a key and innovative role in our financial system. As digital assets continue to evolve and expand, Congress must work in a bipartisan fashion to establish a responsible regulatory framework – one that protects consumers, fosters innovation, and safeguards national security and public safety. Bipartisan negotiations have made meaningful progress, but work remains. While I remain committed to strengthening the GENIUS Act, I cannot support this bill moving forward without full legislative text and time to fully review it. I look forward to continuing bipartisan efforts to advance legislation that protects consumers and provides clear rules of the road for digital asset innovators.” (Press release)

• Senate Majority Leader John Thune (R-SD) tweeted, “The GENIUS Act is a first step toward bringing digital assets into our financial system and promoting American leadership in financial innovation. We have the opportunity to move the ball forward today, and I encourage my colleagues to take it.”

• Senate Banking Chair Tim Scott (R-SC) said of the failed GENIUS cloture vote, “It was a vote to stop President Trump from having a victory in the digital asset space. It was a vote against common sense — that simple. Trump Derangement Syndrome has once again hijacked responsible governance in this chamber.” (Politico)

• Scott also delivered remarks on the Senate floor saying, “The GENIUS Act was a bipartisan achievement at the Banking Committee. It was a bipartisan achievement because we took the time – hours upon hours – you were there, Mr. President. We debated day in and day out for weeks and months before we ever had the hearing. We offered almost 80 amendments during this session at the Banking Committee. We voted on 40 amendments in the Banking Committee. We made the decision to make America’s economy safer and cheaper for the American people. But when the lights came on and the cameras were watching, what did we see? We saw those same Democratic colleagues who recognized the urgent need to bring stablecoins into a clear, responsible regulatory framework, we watched them take a step back and vote against the very bill they voted for. The bill they shaped. What changed? What changed? What changed, Mr. President? Not the substance. They got more of what they wanted in the last five iterations of the legislation. What changed, Mr. President, was politics, not policy, not the legislation, not the substance – politics.”

• Senate Republicans tweeted, “The GENIUS Act is commonsense legislation voted out of committee on a bipartisan basis. It would:   Keep digital asset innovation in America Strengthen the U.S. dollar Help law enforcement track down criminals”

• Senate Republicans also tweeted, “Senator Moreno is helping lead the fight to pass legislation to strengthen the dollar and keep digital asset innovation in America. This is not a partisan issue. Democrats should put aside their politics and get this done.”

• Sen. Bernie Moreno (R-OH) tweeted, “Democrats are so blinded by irrational hate of our great President that they are willing to back track on a bill that would ensure American tech leadership, strengthen the dollar, and help law enforcement track down criminals. Let’s go Ruben!”

• Sen. Tom Cotton (R-AR) tweeted, “berniemoreno is right. SenateDems should stop playing politics and pass a common-sense, bipartisan bill that would help American innovation and job creation.”

• Sen. Bill Hagerty (R-TN) tweeted, “Democrats just unilaterally ceded American leadership capability in the digital asset industry to the CCP because they fear the far-left radicals of their party. Shameful.”

• Sen. Cynthia Lummis (R-WY) tweeted, “SenatorHagerty’s GENIUS Act gets us one step closer to maintaining American leadership in digital assets.”

• Lummis (R-WY) also tweeted, “Digital assets ARE the future. We either embrace them, or we lose. There is not an in between.”

• Sen. Thom Tillis (R-NC) tweeted, “The world is rapidly establishing digital asset regulatory frameworks. Europe’s MiCA and Singapore’s PSA are clear warning signs that the U.S. risks falling behind in the race to innovate for the 21st Century. Senate Republicans stand ready to pass SenatorHagerty’s GENIUS Act, which establishes meaningful stablecoin regulation to ensure the United States remains on the cutting edge of financial innovation.”

• Sen. Elizabeth Warren (D-MA) tweeted, “Democrats should stand together and use our power to fix the GENIUS Act before the vote tomorrow. There is no excuse to facilitate Trump’s crypto corruption.”

• Warren delivered remarks on the Senate floor saying, “Democrats want to work with Republicans to advance a stablecoin bill that will make stablecoins safer to use and curb the worst abuses of the industry. There are five areas that need revision: First, a bill must include basic rules so government officials can’t use stablecoin ventures to line their own pockets and so that foreign governments and giant corporations cannot use stablecoins to pay bribes to the President of the United States. Second, the bill must prevent Big Tech and other commercial firms from issuing stablecoins, preserving America’s historical separation between banking and commerce. Third, the bill must include basic consumer protections—the same as for any other financial transaction. Fourth, the bill must safeguard national security, providing the same guardrails as other payment systems to make sure we’re not turbocharging the financing of drug traffickers, terrorists, adversaries like North Korea, and scammers. And, fifth, the bill must have sufficient safeguards so that a stablecoin meltdown won’t trigger an economy-wide financial meltdown. With adequate changes in those five areas, Democrats could support the GENIUS Act.” (Press release)

• Warren (D-MA) also said, “I always worry about the influence of money in Washington, but the crypto industry seems to think that they have a lot of power right now because of the contributions that they’ve made.” (Politico)

• Sen. Bernie Sanders (I-VT) hosted a livestream conversation on the GENIUS Act, saying, “Under the Trump administration, we have seen a coordinated effort to boost the cryptocurrency industry to directly benefit President Trump and his oligarch allies. In one case, President Trump is hosting a dinner with people who paid, in some cases millions, to purchase his meme coin. In another, the president stands to make tens of millions of dollars in profits directly from an Abu Dhabi-connected fund’s $2 billion investment in his crypto venture. If that’s not a troubling form of corruption, I don’t know what is. In the face of this corruption, you might hope that Congress would step in to clamp down on corruption. Instead, Congress is moving quickly to pass the GENIUS Act, which may make a bad situation much worse,” continued Sanders. “I look forward to hearing from experts who can help more Americans understand this bill’s serious risks to our economy.” (Press release)

• Sanders (I-VT) tweeted, “The GENIUS Act would undermine consumer protections, benefit criminal actors, and allow the Trump family to make tens of millions of dollars through crypto ventures. Join me LIVE as I discuss this dangerous bill, which poses serious risks to our economy.”

Financial Services Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence and House Agriculture Subcommittee on Commodity Markets, Digital Assets, and Rural Development Joint Roundtable

• House Financial Servies Chair French Hill (R-AR) said, “This Congress, both Committees remain committed to delivering a clear, durable framework for the digital asset ecosystem. The concepts that we will discuss today are designed to foster responsible growth, provide regulatory clarity, protect consumers, and safeguard the long-term integrity of U.S. digital asset markets.” (Press release)

• House Financial Services Ranking Member Maxine Waters (D-CA) issued a statement in advance of the joint House Financial Services and Agriculture roundtable, “For several years, I have led the effort in Congress to advance common-sense cryptocurrency legislation to protect American investors and consumers from fraud and scams, while supporting crypto capital formation. But President Trump’s actions have drastically transformed the landscape of crypto in ways that are far more dangerous than what we could have ever imagined. To put it simply, Donald Trump and his family’s crypto corruption is the biggest and most egregious scheme in modern history. Yet, Chairman French Hill, Agriculture Chairman GT Thompson and Committee Republicans insist on pressing forward with business as usual, turning a blind eye to the President’s widely reported conflicts of interest on crypto. Ahead of this scheduled hearing on crypto market structure, I called Chairman Hill and made it clear that I would only give my consent to this hearing if he would include provisions to block Trump and his family, as well as Members of Congress and other elected federal government officials, from further profiting off crypto at the expense of American families in his crypto legislation. Regrettably, Chairman Hill rejected this request. Because this hearing is being held outside of the normal rules of the House, Mr. Hill and Mr. Thompson need the consent of every Member, Democrat and Republican, and I cannot in good faith agree to such a hearing to discuss crypto market structure while Republicans refuse to stop or even acknowledge Trump’s abuse of power. Members of Congress have a solemn responsibility to protect and defend the American public. It’s time for Republicans to stand up to the brazen and blatant crypto corruption tied to the President of the United States and hold this President accountable.” (Press release)

• In response to Waters’ objection to the joint subcommittee hearing, House Financial Services Chair French Hill (R-AR) issued a statement, “Last Congress, 279 Members showed that they do not support the status quo. In the absence of safeguards and regulatory certainty, consumers, digital asset firms, and developers are stuck in regulatory limbo and bad actors will continue to flourish. Inaction isn’t a solution. Committee Republicans on Financial Services and the House Committee on Agriculture will continue to work with legislators on both side of the aisle who are serious about creating a lasting framework that protects Americans, encourages innovation, and brings digital asset leadership back to the U.S.” (Press release)

• Subcommittee Chair Bryan Steil (R-WI) said, “More than fifteen years ago, a nine-page document—the Bitcoin White Paper—sparked a shift in how we think about money, trust, and value. That idea sparked the digital asset ecosystem. Innovators have since built decentralized networks that offer services once unimaginable. But innovation has not followed a straight line. Outdated regulatory frameworks and a ‘regulation by enforcement’ approach under the Biden-Harris Administration have stifled clarity and pushed jobs, investment, and leadership offshore. Worse, the uncertainty has exposed consumers to greater risk from fraud and mismanagement. Congress has both the opportunity and responsibility to act. We must pass comprehensive, bipartisan legislation that provides clarity and fosters responsible innovation.” (Press release)

• Steil (R-WI) tweeted, “The U.S. cannot afford to walk out on our responsibility to lead in the digital asset space.”

• Steil also tweeted, “Outdated regulatory frameworks for digital assets have stifled clarity, pushed jobs offshore, and exposed consumers to risk from fraud. The choices we make today will determine whether the U.S. remains a global leader in Web3 or falls behind.”

• Steil also tweeted, “It is my hope that Democrats, including the Ranking Member, join the public hearing on digital asset market structure tomorrow. Last year, 71 Democrats voted for market structure legislation in the House. This year, we are working to finish the task and have it signed into law. I hope Democrats join us in this task. Any decision by the Ranking Member not to join would be misguided.”

• Rep. Tom Emmer (R-MN) tweeted, “The United States must lead in digital asset innovation, just as we did with the internet. By crafting and passing clear, nonpartisan stablecoin and market structure legislation, we will make this happen.”

• Emmer also tweeted, “Despite Maxine Waters’ theatrics this morning, our nonpartisan work continues. This is the most pro-innovation, pro-crypto Congress in history, and the FinancialCmte is going to deliver a framework for digital asset regulation – regardless of political theater.”

• Rep. William Timmons (R-SC) “Today, I want to highlight the transformative potential of blockchain technology, not only in reshaping our financial systems, but in redefining how we interact with the government itself. For that innovation to take root and thrive here in the United States, we need clear, effective legislation that puts an end to the regulatory uncertainty developers face today. For too long, digital asset innovators have taken their business abroad. To places like Hong Kong and the EU, and they have clearly defined rules, and other jurisdictions with more favorable regulatory environments such as the Caribbean or the Middle East. But now, for the first time, the industry has a chance in the White House in providing the clarity and oversight needed to protect consumers and ensure market integrity.” (Press release)

• Rep. Mike Haridopolos (R-FL) said, “We’ve lost four years of reality, and the capital markets have gone elsewhere because of this uncertainty. It’s frustrating as we go through meeting after meeting hearing the horror stories of the last four years where so many folks want to do business here in the United States and are basically turned away or led the wrong way by the previous administration.” (Press release)

• Rep. Zach Nunn (R-IA) said, “One of the biggest challenges in the digital asset space, as we all know, is the overlapping claims of authority between both the Securities and Exchange Commission and the CFTC. Being a guy from Iowa, we know CFTC very well. As a member of both the Financial Services and the Ag Committee, I think we saw conflicts occur firsthand when the SEC, under its previous leadership, attempted to take control of nearly all digital assets and effectively sidelined the CFTC. That’s not how this is designed, and it shouldn’t be how it is going forward.” (Press release)

• Nunn tweeted, “Some digital assets are like a chocolate coin. When the coin is ‘wrapped’ it’s treated like a security. Once ‘unwrapped’ it functions like a commodity. We can’t have two different rules for our digital innovators, which is why we’re fighting on FinancialCmte for a clear structure.”

• Rep. April McClain Delaney (D-MD) tweeted, “Earlier this week, I participated in a roundtable with HouseAgDems on the future of digital assets. While I am deeply supportive of the innovation these digital assets can offer, without oversight we invite chaos into our financial systems. We need smart, market-driven regulations, not to stifle innovation but to shape it by weeding out bad actors.”

• Financial Services GOP tweeted, “The Committee applauds the USOCC for clarifying permissible bank activities related to crypto-asset custody and execution services. Members look forward to continuing the work needed to develop a digital asset framework that drives innovation and builds upon the success of the Trump Admin’s pro-growth, pro-innovation agenda.”

• Financial Services GOP also tweeted, “The Committee is committed to ushering in a Golden Age for digital assets and is working toward getting legislation on President Trump’s desk.”

• Rep. Mike Collins (R-GA) tweeted, “Our nation leads global innovation in almost every field but cryptocurrency. We cannot allow the United States to ignore the $3 trillion digital asset industry and the technological advancements it brings any longer.”

• Rep. Bill Huizenga (R-MI) tweeted, “America must continue to lead, while providing clarity on digital assets. I’m happy to hear that secscottbessent agrees! We cannot allow jurisdictions around the world to pass us by. That is why I support the work of the financialcmte to pass digital asset market structure legislation this Congress.”

• Huizenga also tweeted, “America has the opportunity to lead on digital assets and we can do so in a bipartisan way. When that opportunity presented itself today with  financialcmte & HouseAgGOP coming together, let the record reflect that Ranking Member Maxine Waters walked away. We cannot allow America to fall behind and cede the regulatory framework for digital assets to China. I am glad to see the conversation move forward as a roundtable discussion.”

• Rep. Troy Downing (R-MT) tweeted, “If we want digital asset innovation to thrive in the United States, we need clear rules of the road, not regulation by enforcement. The unprecedented dual effort between FinancialCmte and HouseAgGOP is making this possible.”

• Downing also tweeted, “Today, Ranking Member Waters put politics before progress. It’s sad to watch partisanship infiltrate an issue that has historically seen members work so hard to find common ground. With or without her, this Committee will deliver regulatory clarity for digital assets.”

• House Committee on Agriculture tweeted, “If you’re not at the table, you’re probably on the menu. Despite attempts by some to derail today’s important hearing, Republicans & Democrats came together to hear expert testimony on the need for clear digital asset legislation.”

• House Committee on Agriculture also tweeted, “It’s been three years since the collapse of FTX, and Congress still has not enacted digital assets market structure legislation.”

• House Committee on Agriculture also tweeted, “Anyways, here’s RepMaxineWaters blowing a kiss to Sam Bankman-Fried who was sentenced to 25 years in prison for his role in the collapse of FTX. 3 years later, we still need clear regulation for digital assets, but USHouseFSC is putting politics over consumer protections.”

• House Committee on Agriculture also tweeted, “While RepMaxineWaters rushed out the door, adults remain in the room. Republicans and Democrats are working together on bipartisan efforts to bring clarity to the digital asset space.”

• House Committee on Agriculture also tweeted, “Shamefully, within one minute of today’s hearing with FinancialCmte, RepMaxineWaters injected partisanship into a historically bipartisan effort in an attempt to derail our efforts to bring clarity to the digital asset space.”

• Rep. Mike Haridopolos (R-FL) tweeted, “It’s frustrating to see Ranking Member Waters derail today’s hearing on digital assets. I came to Congress to get things done, NOT to play political games. FinancialCmte will keep working toward clear, commonsense rules to support innovation and protect consumers.”

• Rep. Tim Moore (R-NC) tweeted, “While Ranking Member Waters stages a sideshow, we’re focused on making America the global leader in digital assets — a historically bipartisan effort in Congress.”

Trump Digital Assets

• Sen. Catherine Cortez Masto (D-NV) tweeted, “The President’s meme coin fiasco is corruption, plain and simple. That’s why I joined my SenateDems colleagues on a bill to ban government officials, including the President and Members of Congress, from engaging in these corrupt crypto schemes.”

• Rep. Sam Liccardo (D-CA) tweeted, “We can’t regulate crypto while ignoring the elephant in the room — a sitting president using meme coins for personal profit. My Republican colleagues must recognize that Trump’s crypto grift is undermining serious legislative progress.”

• Sen. Jeff Merkley (D-OR) tweeted, “Access to the White House shouldn’t be up for sale to the highest bidder!! This kind of blatant corruption takes a sledgehammer to public trust—we need to add my End Crypto Corruption Act to the GENIUS Act NOW!”

• Rep. Frank Pallone (D-NJ) tweeted, “PSA: No one should put their financial future in the hands of Donald Trump who has repeatedly ripped off investors, refused to pay his debts, and put the American economy in free fall with his reckless trade war. Not to mention that a President selling a personal crypto coin has corruption written all over it.”

• Sen. Richard Blumenthal (D-CT) tweeted, “More powerful evidence that Trump’s cryptocurrency ventures are nothing more than a fig leaf for pay offs from foreign nationals & foreign gov’ts. I’ve opened an inquiry through PSI into Trump’s crypto-backed plan to auction off access to the White House.”

• Sen. Elissa Slotkin (D-MI) tweeted, “President Trump’s cryptocurrency is an unprecedented opportunity for corruption and bribery, and our End Crypto Corruption Act puts a stop to it. We need a framework that allows the industry to succeed in the U.S., protects consumers and ends abuse by politicians + bad actors.”

Miscellaneous

• Rep. Tom Emmer (R-MN) tweeted, “SecScottBessent is spot on. A central bank digital currency is not only a sign of weakness, it is an Orwellian surveillance tool that would upend the American way of life. That’s why I introduced the Anti-CBDC Surveillance State Act, and why it must become law.”

• Rep. Delia Ramirez (D-IL) tweeted, “From Puerto Rico to Chicago, it’s time for the ultra wealthy to pay their fair share of taxes. Proud to join Rep. NydiaVelazquez in introducing the Fair Taxation of Digital Assets in Puerto Rico Act, to close the loopholes that allow crypto bros to avoid federal taxes and steal resources from Puerto Rico and our communities.”

• Sen. Jim Justice (R-WV) tweeted, “I had a very productive conversation with BoHines today on all things Crypto. I look forward to getting Bitcoin buy in from the Senate and working with people like Bo in the future on Crypto legislation.”

What I’m Reading This Week

• The Fashion in Crypto Deregulation, 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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