🚀 U.S. Senate Pushes Stablecoin Bill Forward as DOJ Claws Back $225M in Crypto Crackdown

Washington finally moves on stablecoins—just as regulators flex their enforcement muscles.

The Big Takeaway: Lawmakers are scrambling to catch up with crypto’s Wild West while the DOJ proves old-school asset recovery still works.

Stablecoin Showdown: The Senate’s bill could legitimize dollar-pegged tokens—or strangle them with compliance costs. Meanwhile, the $225M seizure reminds everyone that blockchain’s transparency cuts both ways.

Bottom Line: Every ‘progressive’ crypto regulation comes with fine print written by legacy finance. Stay bullish—but keep an exit strategy sharper than a Goldman Sachs bonus clawback.

Ripple v. SEC Delayed Again, Settlement Still in Limbo

The years-long legal battle between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) took another turn this week as both sides asked the appeals court to keep the case on hold.

Ripple and the SEC ask to keep their case paused, with a settlement pending court approval and the next status update due by August 15.#Ripple #SEChttps://t.co/W1MUhb55dl

According to a joint filing submitted to the Second Circuit Court of Appeals on June 16, a settlement agreement has been signed but cannot proceed until it receives approval from the district court.

The dispute, which began in 2020, centers on whether Ripple’s sales of XRP tokens constituted unregistered securities offerings. The case has been closely watched by investors and legal experts, as it’s expected to influence how other crypto assets are treated by U.S. regulators going forward.

GENIUS Act Passes U.S. Senate, Stablecoin Rules One Step Closer

In a major development for U.S. crypto legislation, the Senate voted 68–30 to pass the GENIUS Act—short for Guiding and Establishing National Innovation for U.S. Stablecoins.

The bill introduces clear rules for stablecoin issuers, including requirements for full backing, regular audits, and compliance with anti-money laundering laws.

This is the first time the Senate has approved such a comprehensive crypto-related bill. The legislation is now in the hands of the House of Representatives, where similar efforts are already underway. If passed, the bill will go to President Donald Trump, who has made it clear he wants it signed into law without delay or amendments.

On social media, TRUMP praised the Senate vote, calling the bill “incredible” and warning against any further tweaks from lawmakers. His administration has shown growing interest in positioning the U.S. as a global hub for digital asset innovation.

Senator Lummis Calls for Broader Market Structure Rules

Senator Cynthia Lummis, one of crypto’s most vocal supporters in Washington, welcomed the GENIUS Act’s approval but urged Congress to go further. In a speech on Capitol Hill, she emphasized that stablecoin legislation is just one piece of the puzzle.

Senator Cynthia Lummis is demanding that Congress pass effective crypto market legislation shortly after the GENIUS Act passed the Senate.#CynthiaLummis #GENIUSActhttps://t.co/mLsKam0YaB

Lummis called on Congress to pass a broader market structure bill to address other areas of the crypto market, including trading platforms and custody services.

Without a full regulatory framework, she warned, the U.S. could lose ground to other countries that are moving faster to implement clear crypto policies.

DOJ Seizes $225M in USDT in Largest Crypto Scam Case Yet

The U.S. Department of Justice (DOJ) made headlines this week by seizing $225.3 million worth of Tether (USDT) linked to a global crypto fraud scheme known as “pig butchering.”

@DOJCrimDiv seizes $225.3M in Tether’s USDT—largest crypto haul tied to pig butchering scam—funds traced via OKX in global fraud network.#CryptoFraud #USDThttps://t.co/0q6GUi99SZ

The scam defrauded more than 400 victims and involved a network of fake investment platforms that lured people into sending crypto assets under false pretenses.

Investigators traced the stolen funds through a web of blockchain transactions and uncovered connections to the crypto exchange OKX. The seized assets were consolidated in wallets holding USDT before being frozen under a civil forfeiture complaint.

The seizure is the largest in the DOJ’s history and forms part of a wider crypto regulation effort to curb fraud in digital assets. Officials say the investigation is still underway and that more enforcement actions are likely.

Arizona’s Bitcoin Reserve Bill Gets Another Chance

In state-level developments, Arizona’s controversial Bitcoin Reserve Bill—known as HB2324—has been revived after an earlier rejection by the House. The Senate passed the bill in a narrow 16–14 vote after approving a motion to reconsider.

Arizona bitcoin reserve bill HB2324 outlines three options for handling seized crypto assets, including storage in state-approved digital wallets.#Arizona #Bitcoinreservehttps://t.co/Nk9W7t46F1

The measure WOULD set up a Bitcoin Reserve Fund, run by the State Treasurer, to hold digital assets seized in criminal cases. It failed in the House before, but lawmakers are revisiting it as political pressure builds.

Governor Katie Hobbs vetoed the bill earlier, citing volatility and public risk. Supporters such as Senator Wendy Rogers say they will keep pressing for its passage, arguing the state must prepare for the future of money.

Final Thoughts

This week’s developments show that crypto regulation is no longer on the back burner. The U.S. government is moving fast to implement legal frameworks, especially around stablecoins, fraud prevention, and institutional adoption.

As Ripple’s lawsuit drags on and state bills like Arizona’s gain momentum, one thing is clear: governments are no longer ignoring crypto; they are actively shaping its future.

Stay tuned for next week’s column as we continue tracking the fast-evolving legal environment of digital assets.