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As of Monday, May 19, 2025, there are several notable crypto-related bills being considered in the U.S. Congress. Here’s a breakdown of some of them:
Key Bills Under Consideration:
* Stablecoin Transparency and Accountability for a Better Ledger Economy Act of 2025 (STABLE Act): This bill passed the House Financial Services Committee. It aims to create a comprehensive regulatory framework for stablecoin issuers, including licensing requirements, reserve standards, anti-money laundering (AML) obligations, and consumer protections.
* GENIUS Act: This is a similar stablecoin bill that advanced out of the Senate Banking Committee. Like the STABLE Act, it seeks to regulate stablecoins with measures such as licensing and reserve requirements. However, some differences between the House and Senate versions need to be reconciled.
* Deploying American Blockchains Act of 2025 (S. 1492 and H.R. 1664): This bipartisan bill aims to direct the Secretary of Commerce to lead federal policy initiatives related to blockchain technology and establish a National Blockchain Deployment Advisory Committee. It seeks to promote the deployment, competitiveness, and security of blockchain across various sectors.
* BITCOIN Act of 2025 (S. 954): This bill proposes establishing a Strategic Bitcoin Reserve and other programs for transparent management of the federal government’s Bitcoin holdings. It also suggests offsetting costs using certain Federal Reserve System resources.
* Financial Innovation and Technology for the 21st Century Act (FIT21): While passed by the House in May 2024, this bill continues to be relevant in discussions about providing clear regulatory authority to the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) over digital assets. It aims to define how cryptocurrencies can achieve regulated status.
* Lummis-Gillibrand Payment Stablecoins Act: Introduced in the Senate in May 2024, this bill seeks to create a regulatory framework specifically for payment stablecoins, ensuring they are backed by one-to-one reserves and prohibiting unbacked algorithmic stablecoins.
* Waters-McHenry Bipartisan Stablecoin Bill (Discussion Draft): This draft bill addresses compliance standards for non-U.S.-based stablecoin companies.
Recent Developments:
* Negotiators in the Senate are circulating a revised draft agreement on landmark cryptocurrency legislation focused on stablecoins. This new draft aims to address concerns raised by Democrats regarding anti-money laundering, consumer protection, and national security.
* There is ongoing debate and negotiation, particularly around stablecoin legislation, with some Democrats raising concerns related to potential financial benefits for elected officials and their families involved in the crypto industry. This has led to discussions about measures like the “End Crypto Corruption Act,” which would prohibit such financial benefits.
* A bill that repealed the Internal Revenue Service’s (IRS) “DeFi Broker Rule” was signed into law by President Trump in April 2025. This rule, finalized in late 2024, would have imposed significant reporting requirements on decentralized finance participants.
General Context of Crypto Regulation in the U.S.:
Currently, the regulation of cryptocurrencies in the U.S. is handled by various federal agencies, each with a specific focus:
* Financial Crimes Enforcement Network (FinCEN): Regulates digital assets for anti-money laundering (AML) and countering the financing of terrorism (CFT) purposes. Entities involved in the exchange, transfer, or custody of cryptocurrencies are typically classified as Money Services Businesses (MSBs) and must register with FinCEN.
* Securities and Exchange Commission (SEC): Treats certain digital assets as securities and enforces compliance with federal securities laws, including registration and disclosure requirements, based on the Howey Test. The SEC has also established a Crypto Task Force to provide clarity and protect investors.
* Commodity Futures Trading Commission (CFTC): Classifies certain cryptocurrencies, like Bitcoin, as commodities and oversees derivative markets (futures, options, swaps) based on these assets. The CFTC has limited direct authority over spot markets.
* Internal Revenue Service (IRS): Regulates the taxation of digital assets, treating events like buying, selling, trading, or using crypto for goods and services as taxable events.
* Office of the Comptroller of the Currency (OCC): Issues guidance allowing banks to custody digital assets and use stablecoins for payments under specific conditions.
Furthermore, some states have their own regulations regarding cryptocurrency activities, such as licensing requirements for exchanges and money service businesses. For example, California’s Digital Financial Assets Law (DFAL) will take effect in July 2025, requiring businesses engaging in digital financial asset activities with California residents to obtain a license.
The ongoing legislative efforts in Congress aim to create a more comprehensive and clear regulatory framework for the cryptocurrency industry in the United States, addressing various aspects such as stablecoins, the classification of digital assets, and the roles of different regulatory agencies.

Video courtesy of Interactive Brokershome

Video courtesy of Interactive Brokers