US Stablecoin Market Set to Exceed $2 Trillion by 2028, Says Treasury Secretary

Congressman Demands SEC Documents on Ether Amid Accusations of Regulatory Flip-Flopping Under Gensler

Republican Representative William Timmons has requested documents from former SEC chair Paul Atkins regarding the agency’s past treatment of Ether (ETH), focusing on inconsistencies during Gary Gensler’s tenure. Timmons criticized the SEC for failing to maintain a clear stance on whether ETH is a security, citing Gensler’s refusal to clarify its status during a 2023 congressional hearing—despite the agency approving an investigation into ETH just days earlier. Timmons pointed to the SEC’s later approval of Ether ETFs and the closure of its ETH probe as evidence of regulatory inconsistency, which he says caused confusion in the crypto market. His letter follows Coinbase’s 2023 FOIA request for SEC ETH-related records, which was denied and led to a lawsuit. A court later compelled the SEC to release thousands of documents, some of which revealed internal hesitations about ETH’s classification.

FTX Adds Payoneer to Help Distribute Billions in Customer Repayments, but Jurisdiction Gaps Remain

FTX Recovery Trust and FTX Digital Markets have named Payoneer as a new distribution partner to assist with payouts from the collapsed crypto exchange. Starting with payments dated after May 30, 2025, Payoneer will help distribute funds in 93 jurisdictions, becoming FTX’s third and FTX DM’s second distributor. Despite the expansion, users on X voiced concerns that some countries are still excluded from coverage. The move follows FTX’s second round of customer distributions totaling over $5 billion under its Chapter 11 plan. The broader plan aims to return between $14.7 billion and $16.5 billion, though some customers are critical of being repaid based on November 2022 crypto prices—when Bitcoin was valued far lower than today.

Senate Advances Stablecoin Bill in 68–30 Vote, Final Vote Expected Soon

The U.S. Senate voted 68–30 to invoke cloture on the GENIUS Act, a bill to regulate stablecoins, setting up a final vote as early as Monday. The bipartisan legislation would require stablecoins to be fully backed by U.S. dollars or liquid assets, enforce audits for large issuers, and regulate foreign issuers. President Trump has endorsed the bill and wants to sign it before August. While the Senate advances GENIUS, the House is working on its own version, with key differences on regulatory oversight and treatment of foreign issuers.

Jamie Dimon Warns of Economic Slowdown as Pandemic-Era Stimulus Fades

JPMorgan Chase CEO Jamie Dimon cautioned that the U.S. economy may soon face a downturn as the effects of pandemic-era fiscal and monetary support diminish. Speaking at a Morgan Stanley conference, Dimon noted that while employment and consumer spending have remained resilient, signs of weakening may emerge soon. He anticipates a slight rise in inflation and a modest dip in employment, complicated further by reduced immigration. Dimon also flagged concerns over the booming private credit market, warning that current pricing makes it a risky bet for investors in the event of a recession.

U.S. Stablecoin Market Could Surpass $2 Trillion by 2028, Says Treasury Secretary Bessent

U.S. Treasury Secretary Scott Bessent told the Senate that the U.S. dollar-backed stablecoin market could grow beyond $2 trillion within three years, citing the GENIUS Act’s potential to expand global dollar usage. The bill, which mandates full backing of stablecoins by U.S. dollars or liquid assets and requires annual audits for large issuers, is progressing through the Senate with support from President Trump. Bessent emphasized stablecoins as a new mechanism to strengthen the U.S. dollar’s reserve status. With a current market cap of $246.9 billion, USD-linked stablecoins dominate over 96% of the stablecoin market.

Resources:

Bloomberg

CNBC

timmons.house.gov

The Block