On June 23, the Commodity Futures Trading Commission (CFTC) filed suit against Kentucky to block the state’s civil enforcement actions to shut down CFTC-registered contract markets. Kentucky had filed in state court against CFTC-regulated designated contract markets (DCMs) seeking monetary penalties and recently created a new special transaction fee for DCMs to encourage those platforms to cease operations in the state. This action challenging Kentucky follows other similar legal actions in Minnesota, Illinois, Massachusetts, and Rhode Island.
The House Financial Services Committee has scheduled a July 17, 2026 field hearing on the CLARITY Act in New York. The Senate Banking Committee advanced the bill in May, and by June, the bill was placed on the Senate Legislative Calendar to make it eligible for floor consideration. The bill still needs to clear a 60-vote Senate threshold, reconcile with the Senate Agriculture Committee’s version, and harmonize with the House-passed text before even being considered for a final vote.
On June 22, the CFTC issued a request for comment on the extension of standard futures contracts to 24/7 trading and the listing of perpetual contracts referencing certain energy commodities. The extension of futures contracts to nonstop trading would not affect existing expiration or settlement terms. The CFTC is specifically seeking comments on potential price manipulation, market surveillance, operational readiness, and the effects on the markets. Comments will be due 30 days after Federal Register publication.
From June 18 to June 24, Delaware’s General Assembly passed three digital asset-related laws. SB 16, the Delaware Banking Modernization Act, creates statutory definitions of “digital asset” and “virtual currency,” broadens the scope for interstate mergers and trust company activities, and grants Delaware banks the authority to hold and manage digital assets on behalf of clients. SB 19, the Delaware Payment Stablecoin Act, aligns the state with the federal GENIUS Act through state bank commissioner licensing and reserve ratios. SB 18, the Delaware Money Transmission and Virtual Currency Modernization Act, modernizes Delaware law for money transmitters and crypto-businesses using standards drafted by the Conference of State Bank Supervisors (CSBS) already adopted in at least 30 other states. SB 18 and SB 19 were passed by the Senate on June 24. The bills now await Governor Matt Meyer’s signature.
On June 22, the OCC issued a proposed rule to require permitted payment stablecoin issuers (PPSIs) to comply with the Bank Secrecy Act (BSA) and sanctions compliance standards. The proposed rule would require PPSIs to comply with applicable FinCEN and OFAC regulations as well as the BSA, and to maintain AML/CFT and sanctions programs with associated reporting requirements. The rule would also create a supervision and enforcement framework for PPSIs’ AML/CFT programs, including a consultation framework with FinCEN for enforcement actions and permission for PPSIs to share certain information with the FinCEN Director. Comments will be due 30 days after publication in the Federal Register.
In an 85-5 vote on June 22, the Senate passed the 21st Century ROAD to Housing Act, which includes a provision banning the Federal Reserve Board from issuing, creating, or circulating a central bank digital currency (CBDC) through December 31, 2030. The provision builds on President Trump’s January 2025 executive order barring the administration from CBDC activity and is supported by Fed Chair Kevin Warsh, who has called a U.S. CBDC a “bad policy choice.” The House passed the bill earlier this month, but, in a social media post, President Trump cancelled the signing ceremony until a voting bill is passed.
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