Un vaste projet de loi sur les cryptomonnaies voit ses chances d’adoption se réduire, alors que la pression s’accentue sur le Sénat pour s’en saisir le mois prochain. L’agenda législatif, déjà chargé, risque de limiter le temps de débat en séance. Une partie des acteurs estime qu’un vote en juillet reste possible, mais plusieurs points de friction demeurent.

The U.S. Securities and Exchange Commission has pushed back work on a planned exemption meant to clarify how it views tokenized assets, after concerns surfaced around third-party token issuance. SEC staff has been meeting with stock-exchange officials and market participants over the past few days and is weighing feedback, while the agency chair has said the proposal is intended to serve as a sandbox for onchain equities.

The Senate Banking Committee released an updated, 309-page version of its Clarity Act around midnight Monday and is planning a markup later this week. The text incorporates revised restrictions around stablecoin rewards and includes language aimed at protecting non-custodial software developers, while leaving unresolved debates over ethics provisions tied to federal officials' crypto interests.

SEC Chair Paul Atkins said a crypto safe-harbor framework aimed at letting projects launch without immediate registration has moved to the Office of Information and Regulatory Affairs for pre-publication review. Speaking Monday at a digital assets summit hosted by Vanderbilt University and the Blockchain Association, he said the agency expects to propose "reg crypto" shortly and outlined exemptions including a four-year startup pathway with disclosures and investor protections.

Republican Sens. Cynthia Lummis and Bill Cassidy unveiled the "Mined in America Act" on Monday to expand digital asset mining's role in the U.S. economy. The proposal would also write into law President Donald Trump's executive order establishing a strategic bitcoin reserve. It further directs the Commerce Department to create a voluntary certification program for mining pools and facilities, including a requirement for certified sites to move away from equipment made by firms tied to foreign adversaries.

Draft legislative language circulated on Capitol Hill earlier this week as negotiators again tried to settle how stablecoin rewards should be treated. The issue has been stuck for about a year and, according to Coin Center policy director Jason Somensatto, remains the main obstacle to moving broader crypto legislation forward.

The SEC and CFTC released 68 pages of interpretive crypto guidance last week, outlining a token taxonomy for stablecoins, digital commodities and "digital tools" that the agencies said are not securities. Officials and industry lawyers said the update could lift near-term confidence, but may be easier to unwind than legislation if a future administration changes course. Several speakers argued only a comprehensive market-structure bill passed by Congress can deliver durable regulatory certainty.

On Tuesday, the SEC and CFTC released a 68-page interpretation outlining how federal securities laws apply to various cryptocurrencies and related activities. The guidance says most digital assets, including stablecoins, digital commodities and certain "digital tools," are not securities and explains when non-security crypto assets can become investment contracts.

Commodity Futures Trading Commission Chair Michael Selig has appointed former federal prosecutor and private sector litigator David Miller to lead the agency's enforcement division. Miller previously worked at Greenberg Traurig, Morgan Lewis and the U.S. Department of Justice, focusing on commodities, securities, digital assets and national security, and will oversee enforcement as the CFTC takes on a larger role in crypto and prediction markets. His arrival coincides with shifting enforcement priorities and staffing questions at both the CFTC and the Securities and Exchange Commission.