Government Relations Insights: July 10, 2025

TOP LINES

House Financial Services Committee Chair French Hill (R-AR), House Agriculture Committee Chair GT Thompson (R-PA), and House Leadership announced that the week of July 14th will be “Crypto Week.” The House will consider the CLARITY Act, Anti-CBDC Surveillance State Act, and the Senate’s GENIUS Act.

What We’re Reading:

From Fast Company: Privacy is blockchain’s missing link—and America’s opportunity to lead

WEEKLY UPDATE

President Trump signed an Executive Order to push back tariffs that were set to begin on July 9th to August 1st. He also sent tariff letters to countries including Japan, Korea, South Africa, Kazakhstan, Laos, Malaysia, Myanmar, Tunisia, Bosnia and Herzegovina, Indonesia, Bangladesh, Serbia, Cambodia, and Thailand to reach new trade agreements before August 1st. President Trump announced a 50% tariff on Copper that could impact semiconductors, batteries, and data centers.

Treasury’s Office of Foreign Assets Control (OFAC) designated 22 entities based in Hong Kong, the United Arab Emirates, and Türkiye for facilitating the sale of Iranian oil that benefits the Islamic Revolutionary Guard Corps-Qods Force (IRGC-GF), a designated terrorist organization. “The Iranian regime relies heavily on its shadow banking system to fund its destabilizing nuclear and ballistic missile weapons programs, rather than for the benefit of the Iranian people,” said Secretary Scott Bessent.

Securities and Exchange Commission (SEC) Commissioner Hester Peirce issued a statement regarding tokenized securities. Commisioner Peirce stated that tokenized securities are still securities and further clarified that "Market participants must consider—and adhere to—the federal securities laws when transacting in these instruments.” Last week, the SEC issued a statement on certain disclosure requirements under federal securities laws for securities by issuers of crypto asset exchange-traded products.

The Department of Energy and Department of Interior, along with the National Energy Dominance Council, signed a Memorandum of Understanding to promote collaboration on energy and AI with Israel. Energy Secretary Chris Wright said, “this Memorandum of Understanding enables our two countries to leverage our research institutions, and technology and energy sectors to ensure the United States and Israel are leaders in AI and remain energy dominant forces as AI transforms our future.”

The Federal Housing Finance Agency (FHFA) announced it will allow Fannie Mae and Freddie Mac to use Vantage Score 4.0 to assess the creditworthiness of mortgages. This change will allow homebuyers to use rental payments to qualify for a mortgage as Vantage Score uses rents to calculate credit score.

The Conference of State Bank Supervisors (CSBS) reported that community bankers' optimism on the future economy has maintained a high-level this quarter. CSBS Chief Economist Tom Siems said, “Even though the economic outlook still remains clouded by uncertainties arising from tariff talks, immigration reforms, and fiscal and monetary policy decisions, overall community banker sentiment remains mostly optimistic.”

Multiple states, including Nebraska, New York, Texas, Massachusetts, and California, settled with Wise US Inc for violations of the Bank Secrecy Act and anti-money laundering laws under the Countering the Financing of Terrorism Program. Wise agreed to pay a $4.2 million penalty, correct deficiencies in its AML/CFT Program, hire an independent third party to verify corrective actions in the program, and submit quarterly reports for two years to the states to ensure deficiencies are being addressed

Sen. Cynthia Lummis (R-WY), Chair of the Senate Banking Committee’s Digital Assets Subcommittee, introduced comprehensive digital asset tax legislation to address digital asset taxation issues, including small transaction practicality (a $300 de minimis rule), ending the double taxation of digital asset miners and stakers, and parity with other financial assets (digital asset lending, wash sales, mark-to-market tax treatment).

The Senate voted 50-45 to confirm Jonathan Gould as Comptroller of the Currency. Gould previously served in the OCC during the first Trump administration as a senior deputy comptroller and chief counsel and then moved to the private sector. He is expected to build upon the administration’s friendlier approach to digital asset regulation.

UPCOMING HEARINGS AND EVENTS

July 14, 2025

House Committee Meeting on H.R. 1919 – Anti-CBDC Surveillance State Act; H.R. 3633 – Digital Asset Market Clarity Act of 2025; S. 1582 – GENIUS Act; H.R. 4016 – Department of Defense Appropriations Act, 2026. Find more information here.

July 15, 2025

Small Business Administration (SBA) Interagency Task Force on Veterans Small Business Development Meeting. Find more information here.

July 15, 2025

Senate Agriculture, Nutrition, and Forestry Hearing Entitled: Stakeholder Perspectives on Federal Oversight of Digital Commodities. Find more information here.

July 15, 2025

House Financial Services Hearing Entitled: Dodd-Frank Turns 15: Lessons Learned and the Road Ahead. Find more information here.

July 16, 2025

House Ways and Means Oversight Subcommittee Hearing Entitled: Making America the Crypto Capital of the World: Ensuring Digital Asset Policy Built for the 21st Century. Find more information here.

July 22, 2025

SEC Small Business Advisory Committee Meeting. Find more information here.