It all comes as Republicans move to lock in what they call US President Donald Trump’s crypto plan before August.
It forces stablecoin issuers to back every token with US dollars or similar liquid assets. Companies with more than $50 billion in market value would face yearly audits.
These tight rules aim to prevent another FTX‑style collapse by making sure tokens aren’t just promises on a balance sheet.
Lawmakers had their own version, the STABLE Act, but it stayed stuck in committee. Turning to the Senate’s text could speed things up.
They hope to finish by a self‑imposed deadline in August. Republicans say this also lines up with comments from US President Donald Trump, who wants a law on his desk before the month ends.
Democrats aren’t all sold on it. They point out that an unclear legal picture drove bad actors into gaps. Some warn that new rules could still leave holes. But Republicans argue that without this framework, innovators will set up shop abroad.
Next up: Crypto Week in the House (week of the 14th).
GENIUS…
Emmer says a Fed‑run digital dollar would let Washington watch every purchase. He calls it a risk to civil liberties and economic privacy.
Critics of Emmer’s ban say it overreaches. They note the Fed has shown little interest in a consumer CBDC so far. Still, his proposal taps into a broader fear of government surveillance in financial life.
They’re pushing for all three bills to get debated and voted on in a single session. That same day, they released a joint statement calling this effort the “first bold step” toward US leadership in digital finance.
Featured image from Meta AI, chart from TradingView
