Launchy Regulatory Roundup #43 - US Crypto Bills Advance as BIS Slams Stablecoins

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Welcome to our 43rd 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: US Crypto Bills Advance as BIS Slams Stablecoins 📜 

• Global Legal Roundup

• Case Study: IRS Crypto Crackdown 🔎 

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HEADLINE

US Crypto Bills Advance as BIS Slams Stablecoins

State of play: US lawmakers and the White House aim to pass two major crypto legislation by September 30, 2025: a market structure bill (Clarity Act) to define regulatory oversight between the SEC and CFTC, and a stablecoin bill (GENIUS Act).

• The Senate has already passed the GENIUS Act, while the House is expected to advance it before August, in line with President Trump’s stated priority.

• The Clarity Act will proceed separately, with a draft expected before the August recess and a markup in September.

Meanwhile, the Bank for International Settlements (BIS) issued a report arguing that stablecoins fail fundamental monetary tests, singleness, elasticity, and integrity, and cannot serve as the backbone of the financial system.

• The BIS warned that stablecoins could fragment money, threaten sovereignty, and facilitate crime.

• However, the BIS endorsed tokenization of traditional financial assets (like central bank reserves and bonds) as a transformative path forward.

What’s Next: The House will likely pass the GENIUS Act stablecoin bill before August, while the Clarity Act draft defining SEC and CFTC roles is due by the recess, with markup in September.

Why it Matters: These moves could finally end regulatory uncertainty, easing compliance fears for exchanges and investors while imposing strict rules on stablecoins that will squeeze out undercapitalized issuers.

Our Take: This is a turning point: clear regulations may unlock growth for compliant firms but raise costs and risks for stablecoin projects. Expect market volatility and consolidation as the industry adapts.

GLOBAL LEGAL ROUNDUP

America:

• 🇺🇲 NYSE files proposed rule change to list Truth Social ETF.

• 🇺🇲 Coinbase aids federal agents in seizing $225M in 'stolen' crypto.

• 🇺🇲 Democratic senator proposes ban on officials endorsing crypto.

• 🇺🇲 Ripple dropped cross-appeal on its years-long case with the SEC.

• 🇺🇲 Arizona advance bill to establish crypto reserve with seized funds.

• 🇺🇲 Federal Reserve removes 'reputational risk' from bank examinations.

• 🇺🇲 US housing regulator to study use of crypto in mortgage qualifications.

Europe:

• 🇬🇧 Barclays to block crypto purchases via credit cards from June 27.

• 🇹🇷 Turkey tightens crypto rules with source, purpose checks on transfers.

• 🇩🇪 German regulator closes case against Ethena GmbH over USDe issuance.

• 🇪🇺 Coinbase securesMiCA license via Luxembourg to expand Europe presence.

APAC:

• 🇭🇰 Hong Kong accelerates RWA tokenization, crypto licensing in new policy.

• 🇯🇵 Japan proposes reclassifying crypto, paving way for ETFs and lower taxes.

CASE STUDY

IRS Crypto Crackdown

State of play: Thousands of US crypto investors are receiving IRS warning letters, with tax software platform CoinLedger reporting a 758% spike in notices over the past 60 days.

• The surge is driven by increased IRS enforcement ahead of the new 1099-DA regulations, which will require crypto brokers to report detailed transaction and cost basis data starting January 2026.

The most common letters are:

• Letter 6174 – educational reminders about reporting crypto, no action required.

• Letter 6174-A – suggests possible underreporting, but still no response needed.

• Letter 6173 – indicates the IRS believes income was underreported; requires a reply or could trigger an audit.

• CP2000 Notice – details proposed tax liability due to income discrepancies; must respond within 30 days to avoid penalties.

CoinLedger and tax professionals say many recipients are everyday investors confused by complex record-keeping requirements, especially around wallet-to-wallet transfers.

• Even those who thought they filed correctly may get flagged because the IRS has limited visibility into cost basis until 1099-DA rules take effect.

• While President Trump has signaled support for eliminating crypto taxes, no legislation exists yet, and enforcement is intensifying.

• Investors receiving letters are advised to gather documentation, review filings, and consider amending returns or consulting tax professionals for higher-severity notices.

Our Take: This surge in IRS letters is just the start of stricter crypto tax enforcement. Many investors underestimate how easily even small record-keeping gaps can trigger notices or audits, especially with wallet-to-wallet transfers.

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

• Jake Chervinsky’s thread on Token vs Equity.

• a16z crypto’s read on the end of the foundation era in crypto.

• Matt Levin’s article on Congress’s new ways to regulate crypto.

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Disclaimer: All the information presented in this publication and its affiliates is strictly for educational purposes only. It should not be construed or taken as financial, legal, investment, or any other form of advice.