Weekly Crypto Regulation News Roundup: GENIUS Act Hits Big Tech, SEC Reverses on ETF

Key Points

1. The GENIUS Act includes a provision (the 'Libra clause') aimed at preventing Big Tech from dominating the stablecoin market, requiring non-bank firms to obtain clearance from a Treasury-led oversight committee.

2. The Senate introduced the Responsible Financial Innovation Act of 2025, co-sponsored by Senators Tim Scott, Cynthia Lummis, Bill Hagerty, and Bernie Moreno, to provide a clearer regulatory framework for cryptocurrencies and define jurisdictional roles for the SEC and CFTC.

3. The U.S. Department of Justice dropped its investigation into Kraken founder Jesse Powell, returning seized equipment and implicitly affirming his version of events related to a nonprofit dispute.

4. The SEC initially approved but then rescinded approval for Bitwise’s 10 Crypto Index ETF, citing the need for further review, leaving the ETF in limbo amid numerous pending crypto-related ETF applications.

5. The regulatory environment for crypto in the U.S. is rapidly evolving, with Congress proposing structured frameworks like the GENIUS Act and the Responsible Financial Innovation Act, while key areas remain unstable.