Trump administration accelerates crypto regulation as Senate bill stalls

The Trump administration is moving swiftly to establish a regulatory framework for the cryptocurrency industry, even as comprehensive legislation faces a deadlock in the Senate. During a White House meeting with industry executives, President Trump urged Congress to resolve the impasse on the Clarity Act, a bill currently stalled over disputed ethics language regarding government officials profiting from digital assets.

The meeting, which drew roughly two dozen attendees, included Securities and Exchange Commission Chair Paul Atkins, Commodity Futures Trading Commission Chair Mike Selig, and the chief executives of Coinbase and Robinhood. The administration is relying on executive actions to drive progress while legislative efforts remain tied up in procedural disputes.

At the same time, the Office of the Comptroller of the Currency (OCC) is accelerating its own regulatory timeline. Acting Comptroller Jonathan Gould announced at the Wyoming Blockchain Summit that the agency plans to finalise federal rules for stablecoins by November. The OCC is scheduled to begin processing crypto licence applications in January, a move that follows the passage of the GENIUS Act in July 2025, which established the first federal framework for stablecoins.

Gould noted that the OCC has received 40 applications for new bank charters in the past 18 months, with more than half involving digital asset activity. He described this as an eightfold increase from the prior administration, stating that crypto is becoming an ordinary part of banking business plans. The agency has also proposed rules to prevent stablecoin companies from using loopholes to pay interest to users.

TD Cowen analyst Jaret Seiberg described the OCC’s forthcoming rule as critical for payment stablecoin issuance and positive for banks. The regulatory push coincides with broader shifts in Washington, including a proposal by the SEC to allow startups to raise capital through tokens without triggering traditional securities registration.

Seiberg characterised the SEC’s proposal as long overdue, noting it provides a roadmap for how tokens can lose their securities designation if a project becomes decentralised. As the administration continues to work with regulators and industry leaders, the focus remains on integrating digital assets into the broader financial system while navigating the stalled Clarity Act.