Passage of the One Big Beautiful Bill Act signifies a shift in focus for Congress, as they now consider further legislative actions.
The Senate's legislative agenda for July 2021, as of the latest updates, is centred on significant focus areas of nominations, a rescissions package, and cryptocurrency regulations.
1. **Nominations:** The Senate is actively considering and voting on multiple executive and judicial nominations. Among the nominees scheduled for confirmation votes on July 10, 2025, are Preston Griffith (Under Secretary of Energy), Scott Kupor (Director of the Office of Personnel Management), Bryan Bedford (Administrator of the FAA), and William Briggs (Deputy Administrator of the Small Business Administration). Cloture motions on nominations such as Jonathan Gould (Comptroller of the Currency) and Whitney D. Hermandorfer (U.S. Circuit Judge for the Sixth Circuit) indicate ongoing efforts to advance several key appointments.
2. **Rescissions Package:** The rescissions bill for 2025 (H.R. 4) is a notable appropriations-related legislative item under consideration by the Senate. This package involves proposed rescissions—reductions or cancellations—of previously appropriated funds, aimed at fiscal adjustments and budgetary management.
3. **Cryptocurrency Regulations:** - A key amendment (SA 2446), proposed by Senator Merkley and considered on June 30, 2025, seeks to address cryptocurrency corruption in the broader legislative vehicle known as the One Big Beautiful Bill Act (H.R.1). This reflects Senate interest in tightening the regulatory framework governing digital assets. - Additionally, Executive Orders issued earlier in 2025 establish a Strategic Bitcoin Reserve and a United States Digital Asset Stockpile, signaling federal efforts to enhance the strategic use and security of digital assets in the national economy while positioning the U.S. as a digital leadership player. - Related legislative work includes S.1582 on stablecoins regulation, emphasizing ongoing Senate focus on regulatory clarity and oversight for digital currencies.
In addition, the House is looking at some energy and infrastructure bills, including water permitting and cross-border energy projects. Both the House and Senate are planning to mark up some of the bills and consider floor action for them. The confirmation of the new head of the Office of Personnel Management is also scheduled this week.
The Senate is considering a rescissions package that seeks to cancel $9.4 billion in previous year funds, most of which is under the State Department, USAID, and a small portion under the Corporation for Public Broadcasting. If the Senate makes changes, the House will have to sign off on those changes as well.
The administration's budget request for 2026 included funding from the reconciliation process to reach a desired funding amount for the Department of Defense. The two columns in the Department of Defense documents produce a total budget, making it challenging to keep track of the money as some of it may be baked in with the reconciliation process.
The Senate has passed the GENIUS Act, which regulates stable coins, a type of crypto. The House is continuing to work on 2026 budget bills, aiming to make progress before the end of the month.
- The reimagined workforce, as the Senate considers the nomination of Scott Kupor as Director of the Office of Personnel Management, may influence the management and organization of the federal workforce.
- Amid industry discussions on financial policy, the Senate's focus on cryptocurrency regulations through proposals like SA 2446 indicates their intent to shape the legislative and regulatory landscape of the finance sector, particularly in relation to digital assets.
- With the General News covering the Senate's upcoming work on S.1586, policy-and-legislation surrounding the regulation of stablecoins is set to impact the broader digital finance industry. Recent developments in politics, such as the passing of the GENIUS Act, have set the stage for upcoming negotiations on the industry's future.
