White House to Release Crypto Policy Report July 22nd Following GENIUS Act

The White House is set to release its first comprehensive cryptocurrency policy report on July 22nd, as mandated by Executive Order 14178. This report is expected to provide a detailed framework for the regulation and oversight of cryptocurrencies within the United States, marking a significant milestone in the evolving landscape of digital asset governance.

The timing of this report is particularly noteworthy, as it follows the recent approval of the GENIUS Act by the U.S. House of Representatives. This legislation, signed into law by President Donald Trump on July 18, 2025, establishes a regulatory framework specifically for payment stablecoins. The GENIUS Act defines payment stablecoins as digital assets used for payment or settlement, requiring issuers to maintain a 1:1 reserve backing and comply with public disclosure obligations. This legislation exempts stablecoins from the definitions of securities or commodities, thereby removing the jurisdiction of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). Instead, stablecoins will be regulated by entities such as the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), and the Federal Reserve Board.

The GENIUS Act imposes stringent requirements on payment stablecoin issuers, including reserve backing, public disclosure of redemption policies, and compliance with anti-money laundering (AML) regulations. Issuers must also adhere to capital, liquidity, and risk-management standards, and are prohibited from offering yield or interest on issued stablecoins. The Act provides significant protections for stablecoin holders in the event of a permitted payment stablecoin issuer’s insolvency, including a priority claim to reserves and a superpriority claim against the issuer for any deficiency.

The legislation also outlines dual regulatory pathways for payment stablecoin issuers. Federal supervision will be applied to issuers with over $10 billion in outstanding stablecoins, while state supervision will be used for smaller issuers. State-chartered depository institutions issuing stablecoins that exceed the $10 billion threshold will be subject to joint federal and state supervision. The GENIUS Act includes provisions for federal preemption of state laws related to stablecoin issuance, with some exceptions for state consumer protection laws.

The release of the White House's crypto policy report is anticipated to provide further clarity on the regulatory framework for cryptocurrencies, building on the foundations established by the GENIUS Act. This report is expected to address key issues such as consumer protection, market integrity, and the role of digital assets in the broader financial system. As the U.S. continues to navigate the complexities and opportunities presented by cryptocurrencies, the White House's policy report will be a pivotal step in shaping the future of digital asset regulation in the country.