Trump Signs Domestic Policy Bill, Shifts Focus Back to Tariffs
It’s been a hectic few days in Washington. Over the holiday weekend, President Trump finally signed off on that sweeping domestic policy package—the one he’s been calling the “big, beautiful bill”—just in time for July 4. With that checked off the list, the administration seems to be pivoting back to trade, and things could get messy.
Come Wednesday, tariffs on imports from dozens of countries are set to jump back to the higher rates set last year on what the White House has dubbed “Liberation Day.” But that’s not all. This morning, Trump took to Truth Social to share what appear to be letters sent to Japanese Prime Minister Ishiba Shigeru and South Korean President Lee Jae-myung. The message was blunt: starting August 1, the U.S. will slap a 25% tariff on *all* imports from both countries. No exceptions.
Crypto Regulation Push Before Summer Recess
Passing the domestic policy bill was the first deadline Republican lawmakers had to meet, but there’s another one coming up fast. Trump wants a stablecoin and market structure bill finalized by August. Problem is, Congress only has about three workweeks left before summer recess kicks in.
To speed things along, the House labeled the week of July 14 as “Crypto Week.” Three digital asset bills are on the table: the GENIUS Act, the CLARITY Act, and the Anti-CBDC Surveillance Act. The GENIUS Act already cleared the Senate last month with a 68-30 vote—including support from 18 Democrats.
Supporters call it a long-overdue step toward regulating crypto, but critics say it falls short on consumer protections and gives too much leeway to stablecoin issuers with ties to Trump. Senator Elizabeth Warren has been especially vocal, arguing the bill leaves too many gaps.
Still, some Democrats admit it’s better than nothing. “We didn’t get everything we wanted, but it was a solid bipartisan effort,” Senator Angela Alsobrooks told reporters before the vote. “Right now, this is a regulatory wild west. At least now there’ll be some rules.”
House Changes Likely Ahead
Now the bill heads to the House, where it’ll almost certainly get tweaked. Some representatives are expected to push for adjustments that align more closely with the STABLE Act—a similar proposal that stalled in the Senate.
The big difference? The GENIUS Act takes a tiered approach, letting states oversee smaller stablecoin issuers (those with under $10 billion in assets). The STABLE Act, on the other hand, leans harder on federal oversight, with states playing a secondary role.
Either way, the clock’s ticking. If Congress doesn’t move fast, this could end up waiting until after recess—and in D.C., that usually means starting from scratch.
