Lowenstein Crypto advises leading digital asset and cryptocurrency projects, exchanges, and trading firms. Our practice covers regulatory advice, transactions and structuring advice, investigations, and adversarial matters including commercial disputes, bankruptcy, and related litigation. As these markets continue their rapid growth and market participants continue to evolve and mature their businesses, we are providing this weekly digest as a resource that highlights and summarizes a selection of key recent legal regulatory developments.

Crypto Coalition Sends Letter to Senate Urging That the Clarity Act Be Scheduled for Senate Vote

On June 7, a coalition of crypto firms and industry groups sent a letter addressed to the Senate Majority Leader John Thune, R-S.D., and Minority Leader Chuck Schumer, D-N.Y., urging them to schedule the Digital Asset Market Clarity Act (Clarity Act) for consideration by the full United States Senate. The Clarity Act passed the House of Representatives with bipartisan support in July 2025; however, it has been stalled in the Senate. In May 2026, the Senate Banking Committee cleared the bill by a 15-9 vote. In light of competing legislative priorities, the coalition–led by Stand with Crypto, the Blockchain Association, the Crypto Council for Innovation, and the Digital Chamber–requested the Clarity Act be brought to the Senate floor and moved forward with advancing durable market structure legislation. See the coalition letter here. 

New York DFS Proposes New Payment Stablecoin Regulation

On June 9, the New York State Department of Financial Services (DFS) released a draft of a proposed new regulation, Part 202 to Title 23 of the New York Codes, Rules and Regulations (NYCRR), which would align state regulations of permitted stablecoins with federal regulations in the GENIUS Act. Among other things, the proposal seeks to replace the existing patchwork framework with respect to payment stablecoins through a single streamlined regulation. Proposed Part 202 to Title 23 NYCRR would establish a comprehensive regulatory regime for authorized payment stablecoin issuers, formally withdraw the superintendent’s 2022 Industry Letter, and supersede potentially inconsistent supervisory agreements. See the proposed regulations here and our related client alert here.

Ways and Means Committee Meets on Various Cryptocurrency Tax Legislation

On June 9, the Ways and Means Committee for the United States House of Representatives previewed legislation that it will be considering at its upcoming legislative hearing. The subject of the hearing is modernizing tax rules to support today’s needs and to accommodate the new digital asset landscape. Committee Chairman Jason Smith, R-Mo., cited the rapid growth in digital assets owned by American citizens and the need to build a solid and coherent regulatory foundation for the cryptocurrency ecosystem generally. Smith further emphasized the need to uphold the United States’ status as the digital asset capital of the world and to create synergies between digital assets and the tax code. The following proposed legislation will be discussed at the hearing: H.R. 9178–Less Tax Paperwork for Digital Asset Owners Act (Rep. Rudy Yakym); H.R. 9175–Tax Clarity for Mining and Staking Act (Rep. Mike Carey); H.R. 9173–Charitable Deductions for Digital Asset Donations Act (Rep. Mike Kelly); H.R. 9176–Providing Analogous Rules for Digital Assets Act (Rep. David Kustoff); H.R. 9174–Digital Assets Voluntary Disclosure Program Act (Rep. Aaron Bean); H.R. 9172–Applying Existing Tax Anti-Abuse Rules to Digital Assets Act (Rep. Jodey Arrington); and Discussion Draft–End Digital Assets Tax Shelter Act, Amendment to H.R. 9713 and H.R. 9175 (Rep. Steven Horsford). The original correspondence as well as the proposed legislation can be found here.

ICBA Launches Campaign Targeting Stablecoin Rewards

On June 11, the Independent Community Bankers of America (ICBA) launched a campaign and video advertisement highlighting the role community banks serve while claiming that the “risks posed by the accelerated adoption of crypto products and services that lack the same level of regulation and consumer protection as the banking sector.” The campaign focuses on the protections offered by community banks with FDIC oversight and that “crypto insiders” are pushing for less accountability and more risk, demonstrating an effort to push back against stablecoin rewards based on certain activities, which crypto firms have advocated for while pushing for Clarity Act advancement. See the ICBA’s press release here and the video advertisement here.

EU Proposes Expanded Sanctions Targeting Russia-Linked Crypto Platforms

On June 11, the European Commission introduced significant new restrictions targeting high-impact sectors, including crypto. The 21st sanctions package expands transaction bans to cover 20 banks, crypto firms or platforms, and oil traders in third countries that have been servicing sanctioned Russian entities or helping circumvent existing measures. Notably, for the first time, the EU is introducing the possibility of a full third-country ban on crypto-asset services, which will act as a strong deterrent for jurisdictions hosting platforms that facilitate Russian sanctions evasion. See the statement here.