The stablecoin bill gave banks a framework. A broader digital asset bill is stuck over Trump's $1.4B crypto earnings and ethics concerns. Senate recess looms; approval odds for 2026 sit at 31%.
Alpha Score of 67 reflects moderate overall profile with strong momentum, weak value, moderate quality, strong sentiment.
The GENIUS Act marked its first anniversary on July 18. Signed by President Donald Trump in 2025, the stablecoin law gave banks and fintech firms a federal framework for payment stablecoins backed one-to-one by cash or highly liquid assets.
The final rulebook is not yet in place. The Treasury Department, Federal Reserve, FDIC and the Office of the Comptroller of the Currency are still drafting regulations on customer identification, anti-money laundering, sanctions compliance, liquidity and capital. Public comment periods remain open.
Even without a complete regulatory structure, several companies have moved ahead. Circle, the issuer of USDC, called the GENIUS Act “an important milestone” that “sets consistent standards for reserve backing, transparency, and consumer protections.” The firm received approval to operate a national trust bank, placing future USDC reserves under federal oversight.
Nellie Liang, a senior fellow at the Brookings Institution, said: “While the GENIUS Act clarifies much, financial regulators must now write rules.”
Attention has shifted to the CLARITY Act, a broader digital-asset bill that would extend regulation beyond stablecoins. The Senate Banking Committee and Agriculture Committee are still reconciling their versions. Several Democratic senators have raised concerns about ethics provisions tied to Trump’s crypto businesses. Trump disclosed $1.4 billion in earnings from his crypto ventures since taking office for a second term, Axios reported. That disclosure stalled talks on ethics language.
The Senate plans to begin its August recess after Aug. 7, leaving little time for negotiation. Bloomberg reported that compromises must be struck between the Banking and Agriculture versions before the bill can advance. Approval odds for 2026 have slipped to 31%, according to prediction market data.
The stablecoin push has drawn interest from major payment networks. Visa and BlackRock's stablecoin efforts highlight the demand for clear rules, though the broader regulatory path remains uncertain. No date has been set for a floor vote on the CLARITY Act.
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