The Federal Reserve (i) rescinded a 2023 policy statement on supervisory expectations related to “novel and unprecedented” activities, (ii) withdrew Supplementary Information on specific crypto-asset activities, and (iii) issued a new statement "designed to facilitate innovation by state member banks in a manner that is consistent with bank safety and soundness."

The SEC Division of Trading and Markets clarified guidance clarifying how broker-dealers can satisfy the "possession requirement" under the SEC's custody rules when holding crypto asset securities for customers.

The FDIC proposed a rule "to establish a tailored application process for an FDIC-supervised institution to obtain approval from the FDIC to issue payment stablecoins through a subsidiary."

SEC Division of Trading and Markets Director Jamie Selway reported that the agency is examining potential modifications to the "trade-through" prohibitions and related market structure requirements. The Republican Commissioners all expressed skepticism as to the continued justification for the rule.

President Trump issued an Executive Order directing federal agencies to challenge state AI laws deemed inconsistent with national AI policy and to develop a legislative framework that would preempt conflicting state regulations.