Launchy Regulatory Roundup #42 - Senate OKs Stablecoin Bill, Trump Presses House

EU v UK for Crypto Funds Domicile | Crypto ETF Approval Odds at 90%

Marco Manoppo & Muhammad Reynaldi Ariananda Arkiang
June 22, 2025

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Good Morning.

Welcome to our 42nd edition of the regulatory roundup. If you know anybody who would benefit from this content, please help us spread the word!

In Today's Edition:

Headline: Senate OKs Stablecoin Bill, Trump Presses House 📜
Global Legal Roundup
Case Study: EU vs UK: Where Should Crypto Funds Domicile? 🇪🇺

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HEADLINE

Senate OKs Stablecoin Bill, Trump Presses House

img: Bloomberg

State of play: The US Senate has passed the GENIUS Act, the country’s most significant crypto legislation to date, creating a regulatory framework for stablecoins.

The bill requires stablecoins to be fully backed by USD or similar liquid assets, mandates annual audits for issuers with over $50B in market cap.
It bars tech giants like Meta and Amazon from issuing stablecoins unless strict conditions are met.
It also gives stablecoin holders priority in bankruptcy claims.

Backed by President Trump, the bill reflects his administration's pro-crypto stance, aiming to cement US leadership in digital assets. Trump is pressuring the House to pass a “clean” version of the GENIUS Act quickly, hoping to sign it into law by August.

What’s Next: The House is also considering its own version, the STABLE Act, and may attempt to merge both proposals. Debate remains over issues like foreign issuance and anti-money laundering controls.

Why it Matters: This is a significant step, but not a done deal. While the GENIUS Act offers clarity and favours incumbents like Circle, the House’s competing STABLE Act may introduce friction.

Our Take: Trump’s push adds urgency, and if passed, this framework could anchor the next phase of US crypto leadership.

GLOBAL LEGAL ROUNDUP

America:

🇺🇲 Arizona Senate revives crypto seizure reserve bill.
🇺🇲 US crypto ETF approval odds surge to ‘90% or higher’.
🇺🇲 Ohio House backs tax exemption for small crypto payments.
🇺🇲 Wyoming Stable Token Commission targets Aug. 20 for WYST launch.
🇺🇲 Texas Governor Greg Abbott signs strategic Bitcoin reserve bill into law.

Europe:

🇳🇴 Norway’s government explores crypto mining ban.

APAC:

🇰🇷 South Korea’s central bank won’t oppose stablecoin.
🇰🇷 South Korean authorities submit spot crypto ETF approval roadmap.
🇻🇳 Vietnam passes law recognizing crypto as property, effective January 2026.
🇹🇭 Thailand seeks feedback on exchange token listing rules.
🇹🇭 Thailand approves capital gains tax exemption for crypto transactions.

CASE STUDY

EU vs UK: Where Should Crypto Funds Domicile?

Credits to Cointelegraph for the original article

State of play: As digital asset regulations evolve, crypto fund managers are weighing a key decision: whether to domicile in the EU under the MiCA framework or in the UK, which is developing its own crypto laws post-Brexit.

The EU’s MiCA regulation offers legal clarity and consistency across all 27 member states.

Its biggest advantage is passporting, once licensed in one country, a crypto service provider can operate across the entire EU.
This setup greatly reduces compliance costs and makes the EU especially attractive for funds focused on scaling or serving institutional clients.
Luxembourg, with its established fund infrastructure and regulatory support, stands out as a strong choice within the bloc.

The UK, meanwhile, is taking a more flexible, innovation-first approach.

Its upcoming crypto laws aim to integrate digital assets into existing financial systems, with added focus on user protection and clear service terms.
While its framework isn’t yet as mature as MiCA, the UK’s openness to sandboxes and experimentation appeals to fintech and DeFi projects.

Our Take: Those prioritizing regulatory certainty and cross-border access may favor the EU, while those seeking agility and room to innovate could lean toward the UK.

Take a peek at our referral reward at the bottom of this issue. Share this newsletter and receive our comprehensive database of crypto regulations around the world👇

NOTEWORTHY READS & MEME

DEF’s article on the GENIUS Act.
Roslyn Layton’s article on the pivotal case shaping crypto regulation.
The Regulatory Review’s essays on Trump’s first 100 days of deregulation.

basically,
— nic carter (@nic__carter)
7:20 PM • Jun 20, 2025

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