U.S. Treasury Demands Crypto Clarity—Stablecoin Bill Takes Center Stage

Regulators finally wake up to the crypto chaos—now they want rules. The Treasury’s push for a stablecoin framework could either legitimize the space or strangle it with red tape.

Wall Street’s old guard must be thrilled—another asset class to overregulate and underdeliver on.

TLDR

• Treasury Pushes Crypto Rules as Stablecoin Bill Gains Momentum
• Regulators Step Back from Crackdowns and Lean into Clarity
• Crypto Banks Get Boost as Fed’s Power Faces a Shakeup
• FinCEN and Treasury Team Up to Streamline Crypto Compliance
• Washington Opens Doors for Lasting Crypto-Friendly Regulations

The U.S. Treasury Department is accelerating efforts to establish comprehensive crypto regulations, focusing on stablecoins and banking access. Secretary Scott Bessent has emphasized that the administration aims to provide long-overdue clarity for digital asset firms. The move follows a series of closed-door roundtables with key players from both the crypto and banking sectors.

The TRUMP Administration is going big on digital assets.

Why? Because the previous administration nearly destroyed the industry with its anti-innovation agenda and regulation-by-enforcement approach.

No more.

Digital asset companies deserve regulatory clarity—and that’s… pic.twitter.com/kqYxwWggEm

— Treasury Secretary Scott Bessent (@SecScottBessent) May 23, 2025

Stablecoin Legislation Becomes a Key Focus

Treasury has prioritized the passage of a stablecoin bill, responding to strong demand from industry and financial institutions. Major exchanges, blockchain developers, and stablecoin issuers joined the discussions and supported defined legal structures. This unified call for legislative action suggests a shift from inconsistent regulation-by-enforcement approaches.

Industry participants also urged the Treasury to monitor stablecoin circulation and clarify who holds transaction accountability. According to attendees, these measures WOULD enhance compliance while ensuring innovation continues within legal boundaries. The Treasury acknowledged the urgency and indicated that stablecoin rules would shape the future regulatory model.

Roundtable sessions highlighted that stablecoin clarity affects broader financial systems, especially in payments and digital settlement layers. Hence, both traditional banks and blockchain networks stressed the need for the Treasury to coordinate with financial regulators. The consensus shows cross-sector collaboration will likely influence final decisions on stablecoin oversight.

Crypto Banking Relationships Under Review

Banking access for crypto firms was another primary agenda, particularly concerning state-chartered institutions like Wyoming’s Special Purpose Depository Institutions (SPDIs). Treasury held separate meetings with these entities, which are facing pressure from the Federal Reserve over payment system access. By prioritizing SPDIs, Treasury signaled it is reviewing the Fed’s current role in supervisory matters.

A report on crypto banking, expected by July 22, may propose narrowing the Fed’s authority to focus on monetary policy only. This could mark a significant regulatory shift, as crypto-friendly banks seek better integration into national payment systems. Industry stakeholders hope this report will support consistent access to financial infrastructure for compliant digital asset firms.

Treasury’s engagement with SPDIs shows a commitment to understanding the operational challenges unique to crypto-native banks. Participants said Treasury asked detailed questions about Fed delays and how they hinder market growth. This suggests ongoing evaluation and potential reforms in banking oversight and digital asset service access.

Focus on Regulatory Clarity and Industry Feedback

Throughout the meetings, companies stressed the importance of clear guidance on compliance with the Bank Secrecy Act and anti-money laundering protocols. Concerns included the treatment of unhosted wallets and how firms should monitor transactions across decentralized systems. Treasury officials noted these inputs and confirmed further feedback sessions would be held.

Attendees described the sessions as structured but collaborative, with crypto firms leading discussions on risk management and operational transparency. FinCEN Director Andrea Gacki attended multiple meetings, indicating inter-agency coordination on crypto rules. These joint efforts may lead to more unified compliance expectations across different federal departments.

Treasury reaffirmed its open-door policy, encouraging continued engagement from the private sector and tech developers. The department seeks durable regulations that remain consistent across administrations and market cycles. This approach prevents uncertainty and ensures digital assets grow under a stable regulatory framework.