US negotiators have reportedly reached a breakthrough on the treatment of stablecoin rewards, a critical step in drafting comprehensive crypto legislation that could unlock the asset class for broader institutional use.
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US crypto bill finds 1 breakthrough on stablecoin rewards
Negotiators working on a comprehensive U.S. crypto bill have reached a "good spot" in discussions over the treatment of stablecoin rewards, a critical development after months of talks that could shape the future of the $2.6 trillion digital asset market.
"U.S. leadership in digital assets is essential for reinforcing the dollar’s reserve currency status," Treasury Secretary Scott Bessent said in recent testimony before a Senate Appropriations Subcommittee, urging immediate passage of market structure legislation. He argued that setting global best practices would allow the U.S. to shape international standards rather than follow them.
The breakthrough on rewards is a key step, but it is part of a much larger and more complex legislative puzzle. Congress is attempting to reconcile the House’s CLARITY Act, which defines SEC and CFTC jurisdiction, with the Senate Agriculture Committee’s Digital Commodity Intermediaries Act. This process has been slow, with banking groups recently asking for an extension on comment periods for rules related to last year's GENIUS Act, arguing the efforts are "a body of regulatory work of extraordinary scope and complexity."
The outcome of this legislative push will determine the regulatory clarity and market stability for hundreds of billions of dollars in stablecoins. Bessent warned that without proactive U.S. rules, digital assets would remain in opaque jurisdictions, weakening American oversight and global financial influence. The legislative window may be closing, with some analysts suggesting failure to pass a bill this year could delay a comprehensive framework until at least 2030.
Lobbying and Legislative Influence
The push for stablecoin legislation has attracted significant lobbying efforts, highlighting the high stakes for industry players. A Trump family-co-founded crypto venture, World Liberty Financial, lobbied Idaho state lawmakers for a bill that would authorize the state to use stablecoin, according to a report from the Idaho Capital Sun. The company, which has its own stablecoin called USD1, reported paying for meals with three legislators who were sponsoring or involved with the proposed legislation. While the Idaho bill ultimately did not pass, the effort underscores the intense interest from private firms in shaping the legal framework for digital currencies at both the state and federal levels.
Global Regulatory Context
The U.S. is not acting in a vacuum. Other major economies are also moving to formalize oversight of their crypto markets. Russia's State Duma recently advanced a sweeping bill to regulate digital currencies, approving it in its first reading. The Russian law, set to take effect on July 1, 2026, defines digital currency as property and establishes a comprehensive licensing framework for exchanges, brokers, and depositories under the supervision of the Bank of Russia. While maintaining a ban on domestic crypto payments, the bill notably allows for the use of digital currencies in foreign trade, a potential tool for Russian firms to navigate international sanctions. This global movement puts additional pressure on U.S. lawmakers to establish a clear and competitive framework.
This article is for informational purposes only and does not constitute investment advice.
[1] Trump family crypto venture lobbied for Stablecoin bill, hosted Idaho legislators at Mar-a-Lago[2] Bessent urges Senate to pass stalled crypto legislation[3] Russia Advances Sweeping Crypto Regulation Bill, Legalizes Cross-Border Payments and Tightens Market Controls[4] Banks seek to slow down implementation of crypto's GENIUS Act on stablecoin oversight
