US Crypto Regulation Heats Up: Bills, Veto Threats & Bank Disputes

The US cryptocurrency landscape is undergoing significant regulatory shifts. The GENIUS Act, passed in June 2025, aims to integrate stablecoins into the traditional dollar system with full reserve backing and public disclosure requirements, seeking to maintain US dollar dominance. Simultaneously, the CFTC, under Chairman Selig, is attempting to establish a federal framework for prediction markets, asserting its jurisdiction over states. However, progress on broader crypto market structure legislation, like the CLARITY Act, is threatened by President Trump’s veto threat tied to the SAVE America Act election bill. A clash between crypto firms and traditional banks over stablecoin yield programs further complicates matters, with banks fearing deposit outflows. Legal challenges are also brewing, as Wall Street’s Bank Policy Institute considers action against the OCC over granting national trust charters to crypto companies. Binance and Zhao recently won a dismissal of terror financing claims, while quantum computing poses a future threat to both crypto and encrypted messaging. Super PAC Fairshake is actively campaigning against anti-crypto candidates in Illinois, demonstrating industry engagement in the political process.