Stablecoin Bill Faces Senate Test This Week

Senate Republicans, led by Majority Leader John Thune, are making a push to pass landmark cryptocurrency legislation focused on stablecoins. The goal is to establish clear rules for these dollar-pegged digital tokens.

Thune has initiated a procedural vote, potentially setting the stage for further action as early as Wednesday. However, reaching a consensus on proposed amendments has proven challenging, primarily due to Senator Roger Marshall's efforts to include controversial legislation targeting credit card swipe fees.

House Republicans Grapple with "Big, Beautiful Bill"

Meanwhile, House Republicans are working to resolve issues within their comprehensive tax and spending package, often referred to as the "big, beautiful bill." The Rules Committee will address provisions flagged by the Senate parliamentarian as non-compliant with chamber rules.

House leaders are striving to adjust the bill to ensure compliance with budget reconciliation rules, which allow them to bypass a filibuster and pass the legislation without Democratic support. Removing or modifying specific sections, such as a clearinghouse aimed at preventing duplicative safety net benefits, is under consideration.

Trump's Troop Deployment Sparks Debate Over Presidential Power

President Trump's decision to deploy troops to Los Angeles in response to protests has fueled a renewed effort in Congress to limit presidential authority regarding the use of military force on American soil.

Senator Richard Blumenthal is drafting legislation to restrict a president's ability to deploy troops domestically, requiring congressional approval after a short initial period. This move follows Trump's use of National Guard troops to protect federal property during protests in L.A., a move critics argue circumvents constitutional rights.

Other Developments in Congress:

• Rep. Mark Green to Resign: Representative Mark Green plans to resign to pursue a private-sector opportunity. His departure creates a vacancy in a safely Republican district.
• July 4th Deadline: Despite pushback from Elon Musk, Speaker Johnson remains optimistic about passing the comprehensive bill by July 4th, urging the Senate to make minimal changes to the House-passed version.
• White House Meetings: Top Republican leaders met with President Trump to finalize the bill, addressing issues related to Medicaid, state and local tax deductions, and key tax priorities.
• Public Media Funding: A top House Republican appropriator, Rep. Mark Amodei, opposes the Trump administration's proposed cuts to public media funding.
• Senate Republican Huddle: Senate Republicans will meet to discuss the bill's more challenging aspects, including tax priorities, Medicaid changes, and proposals related to food assistance.
• Medicare Proposal: Senator Jeff Merkley supports a bipartisan proposal to address overpayments to Medicare Advantage plans but prefers it not be included in the partisan bill.
• Crapo's Central Role: Senate Finance Chair Mike Crapo is playing a crucial role in coordinating changes to the bill, facing challenges related to tax policy, Medicaid cuts, and clean energy credits.

Key Takeaways

• The Senate is aiming for a vote on stablecoin legislation this week.
• House Republicans are working to fix issues with their "big, beautiful bill" to ensure Senate compliance.
• Trump's troop deployment in L.A. has sparked a debate over presidential power.