- Pro-crypto and stablecoin proposals are receiving bipartisan support.
- Lawmakers are aiming to finalize stablecoin legislation by mid0-2025.
- Two proposed stablecoin bills, the GENIUS Act and the STABLE Act, could be merged into one.
U.S. crypto policy is taking shape as major reforms and sweeping bills pass through Congress.
This week, the Committee on Financial Services will hold meetings to demystify domestic crypto regulations and securities laws.
These will likely include discussions to advance two crucial stablecoin bills and perhaps concerns around conflicts of interest.
FIT21 Inches Closer to Trump’s Desk
On April 9, the Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence will convene to shape the next chapter of U.S. crypto policy.
The hearing, titled “American Innovation and the Future of Digital Assets: Aligning U.S. Securities Laws for the Digital Age,” is expected to spotlight the Financial Innovation and Technology for the 21st Century Act, better known as FIT21—a sweeping legislative effort aimed at clarifying the digital asset ecosystem.
After passing the House with bipartisan support in May 2024, FIT21 is gaining traction and could reach President Donald Trump’s desk by the second quarter of 2025.
At its core, the bill seeks to untangle the murky regulatory environment that has long clouded crypto in the U.S.
It would formally divide jurisdiction between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).
Under the proposal, the CFTC would oversee digital commodities such as Bitcoin (BTC).
At the same time, the SEC would be tasked with regulating “restricted digital assets”—a category that includes securities-like tokens.
Supporters argue the framework would finally provide legal certainty for crypto innovators, investors, and regulators alike.
Stablecoin Votes
Among the key items on the agenda this week, U.S. regulators will consider two competing—yet very similar—bills aimed at regulating the stablecoin market: the GENIUS Act and the STABLE Act.
Both proposals seek to establish clearer rules and stronger consumer protections, but they diverge significantly in how they envision regulatory power being distributed between federal and state authorities.
The STABLE Act favors a centralized framework and proposes greater oversight by the Federal Reserve.
In contrast, the GENIUS Act opts for a hybrid model in which the Fed would oversee issuers with more than $10 billion in circulation while states would retain discretion over smaller entities.
Lawmakers are expected to hash out details during the upcoming hearing—potentially paving the way for the two bills to be merged into a single, unified framework.
Conflicts of Interest
It was only a matter of time before Trump’s tightly aligned pro-crypto ambitions and growing presence in the industry were questioned.
Though it remains to be seen how deeply the subcommittee will probe these concerns, signs suggest this moment was anticipated long ago.
Several key figures in Trump’s cabinet reportedly dumped their crypto holdings or severed industry ties before—or shortly after—being appointed.
However, questions about Donald Trump and his family persist.
Notably, the U.S. president currently holds a crypto portfolio worth just over $1.15 million, mainly comprised of memecoins and stablecoins—primarily fueled by campaign donations.
However, ahead of his January 2025 inauguration, the portfolio offloaded tens of millions in crypto while the market was still riding high.
Then there’s the Trump family’s backing of World Liberty Financial (WLFI), a decentralized finance (DeFi) project that raised $550 million through its WLFI token sale and is preparing to launch its own stablecoin, USD1.
Given that the Trump family could receive up to 75% of all WLFI revenues through a Trump-linked media and tech firm, DT Marks DEFI LLC, the concerns are far from unfounded.
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