Crypto Week Cranks Up in Congress With Stablecoin Vote This is Washington Edition, the newsletter about money, power and politics in the nation’s capital. Every Monday, Bloomberg Intelligence senior analyst Nathan Dean gives his insights into what’s been happening and what’s coming up in the nooks and crannies of government and markets. Sign up here and follow us at @bpolitics. Email our editors here. Framework For the last two weeks, my family and I have been running around Finland – saunas, midnight-sun hiking, eating too much of the lovely cinnamon bread called Korvapuusti – but at the same time, I’ve been preparing for what comes next now that the “One Big Beautiful Bill” has passed. Let’s first talk crypto. Years of lobbying and legislative efforts will likely pay off as Congress kicks off “crypto week.” Most significant to us is the GENIUS Act, a bill that would allow stablecoin issuers like Circle to operate under a regulatory framework. Here’s Bloomberg News’ Yash Roy with more on the expected House vote. Since it already passed the Senate, this bill should reach President Donald Trump’s desk this week. Yet I can’t say the same for a broader crypto market structure bill called the CLARITY Act. This bill, important for platforms like Robinhood and Coinbase, would also bring regulatory clarity. But while there was bipartisan agreement on stablecoins, as I write here on the Bloomberg terminal, this bill needs more time to cook. It’ll pass the House, but the Senate may need more time. It looks to me that passage is feasible in the first half of 2026. We should also talk about deregulation. Like I’ve said before, there’s no magic wand here. There’s a process. And that process will largely kick off in the second half of 2025 now that leaders like Fed Vice Chair for Supervision Michelle Bowman are confirmed. So whether it’s the leverage ratio for banks or relaxing of broadcaster caps, deregulation is coming. Here’s our most recent “Votes & Verdicts” podcast where my colleagues and I discuss what rules and regulations you should have on your radar for the rest of the year. Tidbits If your kids are like mine, they are averaging an ice cream once a day between camps and family desserts. But changes are coming to the industry, as Kristina Peterson writes here: “Ice Cream Makers Pledge to Remove Artificial Colors by 2028.” Now, I think Washington is hot enough in the summer, but I know of several friends heading down to Florida to check out the amusement parks. Here’s Daryl Austin with “All the Ways to Skip the Lines at Florida Theme Parks This Summer.” One question I got when I was in Europe was whether Elon Musk’s call for a third party could actually take hold. Call me skeptical, but here’s Bill Allison with “Why Elon Musk’s Third Party Plans Face Big Hurdles.” Don’t Miss Trump threatened to impose stiff financial penalties on Russia if it does not end hostilities with Ukraine, while pledging fresh weapons supplies for Kyiv. The president will announce $70 billion in artificial intelligence and energy investments tomorrow in Pennsylvania, the latest White House push to speed up development of the emerging technology. Trump indicated he is open to more trade negotiations, including with the European Union, even as he insisted that his letters threatening new tariff rates are “the deals” for US trading partners. Economists have long been warning of a tariff-driven boost to US inflation. The next report on consumer prices, which comes out tomorrow, will put their conviction to the test. Federal Reserve Chair Jerome Powell has requested that the central bank’s inspector general review its $2.5 billion building renovation, which has come under attack from Trump and his allies. A divided Supreme Court let Trump resume dismantling the Department of Education, lifting a lower court order that required the reinstatement of as many as 1,400 workers. Harvard University warned that the combined cost of federal actions against the school, including a recently passed tax increase on its endowment, could approach $1 billion annually. Attorney General Pam Bondi has fired the Justice Department's top official responsible for counseling senior political appointees on ethics matters, including financial disclosures and conflicts of interest. The ink is barely dry on Trump’s $3.4 trillion tax and spending package and House Republicans are already at work on a follow-up budget bill coming this autumn. Trump’s head of the Federal Trade Commission, Andrew Ferguson, had echoed the tough-cop message of his controversial predecessor Lina Khan, but his approach in office is more nuanced. Cuba’s crucial and struggling tourism industry was hit with more US sanctions, as the Trump administration ratchets up pressure on the communist-run island and its top officials. Watch & Listen Today on Bloomberg Television’s Balance of Power early edition at 1 p.m., hosts Joe Mathieu and Kailey Leinz interviewed retired Rear Admiral Mark Montgomery about US plans to ramp up arms sales to Ukraine and Russia's continued attacks on the country. On the Big Take podcast, host Sarah Holder and Bloomberg’s Kara Carlson examine what the disaster in Kerr County, Texas, reveals about the growing risk of flooding across the country as the climate changes — and the difficult economic choices facing communities grappling with these new risks. Listen on iHeart, Apple Podcasts and Spotify.
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Crypto Week Cranks Up in Congress With Stablecoin Vote

This is Washington Edition, the newsletter about money, power and politics in the nation’s capital. Every Monday, Bloomberg Intelligence senior analyst Nathan Dean gives his insights into what’s been happening and what’s coming up in the nooks and crannies of government and markets. Sign up here and follow us at @bpolitics. Email our editors here.

Framework
For the last two weeks, my family and I have been running around Finland – saunas, midnight-sun hiking, eating too much of the lovely cinnamon bread called Korvapuusti – but at the same time, I’ve been preparing for what comes next now that the “One Big Beautiful Bill” has passed.

Let’s first talk crypto. Years of lobbying and legislative efforts will likely pay off as Congress kicks off “crypto week.” Most significant to us is the GENIUS Act, a bill that would allow stablecoin issuers like Circle to operate under a regulatory framework. Here’s Bloomberg News’ Yash Roy with more on the expected House vote. Since it already passed the Senate, this bill should reach President Donald Trump’s desk this week.

Yet I can’t say the same for a broader crypto market structure bill called the CLARITY Act. This bill, important for platforms like Robinhood and Coinbase, would also bring regulatory clarity. But while there was bipartisan agreement on stablecoins, as I write here on the Bloomberg terminal, this bill needs more time to cook. It’ll pass the House, but the Senate may need more time. It looks to me that passage is feasible in the first half of 2026.

We should also talk about deregulation. Like I’ve said before, there’s no magic wand here. There’s a process. And that process will largely kick off in the second half of 2025 now that leaders like Fed Vice Chair for Supervision Michelle Bowman are confirmed. So whether it’s the leverage ratio for banks or relaxing of broadcaster caps, deregulation is coming. Here’s our most recent “Votes & Verdicts” podcast where my colleagues and I discuss what rules and regulations you should have on your radar for the rest of the year.

Tidbits

If your kids are like mine, they are averaging an ice cream once a day between camps and family desserts. But changes are coming to the industry, as Kristina Peterson writes here: “Ice Cream Makers Pledge to Remove Artificial Colors by 2028.”
Now, I think Washington is hot enough in the summer, but I know of several friends heading down to Florida to check out the amusement parks. Here’s Daryl Austin with “All the Ways to Skip the Lines at Florida Theme Parks This Summer.”
One question I got when I was in Europe was whether Elon Musk’s call for a third party could actually take hold. Call me skeptical, but here’s Bill Allison with “Why Elon Musk’s Third Party Plans Face Big Hurdles.”
Don’t Miss
Trump threatened to impose stiff financial penalties on Russia if it does not end hostilities with Ukraine, while pledging fresh weapons supplies for Kyiv.

The president will announce $70 billion in artificial intelligence and energy investments tomorrow in Pennsylvania, the latest White House push to speed up development of the emerging technology.

Trump indicated he is open to more trade negotiations, including with the European Union, even as he insisted that his letters threatening new tariff rates are “the deals” for US trading partners.

Economists have long been warning of a tariff-driven boost to US inflation. The next report on consumer prices, which comes out tomorrow, will put their conviction to the test.

Federal Reserve Chair Jerome Powell has requested that the central bank’s inspector general review its $2.5 billion building renovation, which has come under attack from Trump and his allies.

A divided Supreme Court let Trump resume dismantling the Department of Education, lifting a lower court order that required the reinstatement of as many as 1,400 workers.

Harvard University warned that the combined cost of federal actions against the school, including a recently passed tax increase on its endowment, could approach $1 billion annually.

Attorney General Pam Bondi has fired the Justice Department's top official responsible for counseling senior political appointees on ethics matters, including financial disclosures and conflicts of interest.

The ink is barely dry on Trump’s $3.4 trillion tax and spending package and House Republicans are already at work on a follow-up budget bill coming this autumn.

Trump’s head of the Federal Trade Commission, Andrew Ferguson, had echoed the tough-cop message of his controversial predecessor Lina Khan, but his approach in office is more nuanced.

Cuba’s crucial and struggling tourism industry was hit with more US sanctions, as the Trump administration ratchets up pressure on the communist-run island and its top officials.

Watch & Listen
Today on Bloomberg Television’s Balance of Power early edition at 1 p.m., hosts Joe Mathieu and Kailey Leinz interviewed retired Rear Admiral Mark Montgomery about US plans to ramp up arms sales to Ukraine and Russia's continued attacks on the country.

On the Big Take podcast, host Sarah Holder and Bloomberg’s Kara Carlson examine what the disaster in Kerr County, Texas, reveals about the growing risk of flooding across the country as the climate changes — and the difficult economic choices facing communities grappling with these new risks. Listen on iHeart, Apple Podcasts and Spotify.