June 20
This week in MORE POWER:
Wrangling Crypto
Budget Battle
Cuts Getting Cut?
Trump Confirmations
Wrangling Crypto
The Senate approved the first federal regulatory framework for stablecoins on June 17 by a 68–30 vote. The bipartisan Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS Act) would mandate that stablecoin issuers keep dollar‑backed reserves at a 1-1 ratio, publish monthly reserve disclosures and, if their market cap exceeds $50 billion, undergo annual audits. The bill also includes consumer‑protection, anti‑money‑laundering, and national‑security provisions, and bans lawmakers and executive officials (but notably not the President) from issuing stablecoins. Supporters say it brings legitimacy and could grow the U.S. stablecoin market to nearly $2 trillion over the next decade, while critics—including Sen. Elizabeth Warren (D-MA)—warn of conflicts tied to President Trump’s crypto ventures. The bill now heads to the House, where it’s expected to pass ahead of a potential presidential signature before Congress’s August recess.
Budget Battle
Senate Republicans dropped their version of Trump’s “big, beautiful bill” this week, keeping the State and Local Tax (SALT) deduction cap at $10,000 and proposing deeper Medicaid cuts, including new work requirements. The bill preserves Trump-era tax cuts and adds new breaks—like no taxes on tips and a $6,000 senior deduction—while slashing green energy funding and gradually phasing down Medicaid provider taxes. It also includes $350 billion for Homeland Security and Pentagon efforts, with $175 billion going toward mass deportation programs. Critics say the bill could leave nearly 11 million people uninsured and disproportionately benefit the wealthiest households. Senate leaders hope to bring it to a vote by July 4, but internal GOP tensions over Medicaid and SALT could delay the timeline.
Cuts Getting Cut?
The House-passed rescissions package, which proposes $9.4 billion in cuts to foreign aid and public broadcasting, is facing resistance in the Senate. Senate Majority Leader John Thune (R-SD) is routing the bill through the Senate Appropriations Committee, chaired by Sen. Susan Collins (R-ME), who opposes cuts to the President’s Emergency Plan for AIDS Relief (PEPFAR). Other Republicans, including Sen. Mike Rounds (R-SD), have raised concerns about eliminating funding for public media. With budget reconciliation taking priority, the rescissions vote is likely delayed until after the July Fourth recess, though it must pass by July 18 or the funds will be spent as originally approved. Sen. Eric Schmitt (R-MO), the bill’s sponsor, is working to address objections and keep the package moving.
Trump Confirmations
The Senate confirmed three Trump nominees this week. Rodney Scott will serve as the commissioner of U.S. Customs and Border Protection (CBP), the nation’s largest law enforcement agency responsible for securing land, air and sea borders. Scott is a 30-year CBP veteran and former Border Patrol chief, returning to lead the agency amid ongoing scrutiny over enforcement tactics. Olivia Trusty was confirmed the same day to a five-year term on the Federal Communications Commission, which regulates interstate communications by radio, television and digital platforms. A former congressional staffer, Trusty played a key role in crafting telecom legislation and now joins a Republican-led FCC. On June 17, Gary Andres was confirmed as assistant secretary for legislation at the Department of Health and Human Services, where he will serve as the department’s top liaison to Congress.
Bills Congress Passed
Nothing.
What The President Signed Into Law
Nothing.
