The week of June 1 marks a concrete shift in the regulation of stablecoins in the United States. Public comment periods on the GENIUS Act are coming to an end. At the same time, the Senate is reopening its work to unify the crypto legislative framework before the summer. The American employment figures could reshuffle the cards on the markets.
In brief
- On June 2, the U.S. Treasury, FDIC, and FinCEN public consultations on the GENIUS Act close.
- On June 3, the Senate resumed discussions on the Clarity Act, with a view to signing it in August.
- On June 5, the report on non-agricultural job creation comes out, with a forecast of 96,000 jobs.
The GENIUS Act enters its operational phase
Since its adoption in July 2025, the GENIUS Act has established the federal framework for payment stablecoins. What ends this week is not just a matter of simple formalities. Indeed, the responses collected by the Treasury, the FDIC and FinCEN will directly feed into the rules that issuers will have to respect on a daily basis.
However, the banking sector has not remained silent. Behind the American Bankers Association and the Bank Policy Institute, led by Jamie Dimon, financial institutions are seeking in particular to block any form of return offered by stablecoins, fearing a flight of deposits to competing products.
This tension has already slowed down negotiations on the Clarity Act, blocked for months before the Senate got back to it on June 3.
In terms of numbers, the issues are measurable. The total capitalization of stablecoins in circulation exceeds $300 billion in 2026, up 73% year-on-year. Samara Cohen, head of market development at BlackRock, describes these instruments in particular as “a bridge between traditional finance and digital liquidity”.
Furthermore, the ECB is already warning of a risk of consolidation of the domination of the dollar via these same tools.
American employment, DAO and unlocks, the other side of the crypto week
On the macroeconomic front, the week will be busy. The ADP report of June 3 forecasts 110,000 private job creations in May. Then the official report of June 5 expects 96,000 non-agricultural positions, with an unemployment rate stable at 4.3%. This data will directly guide expectations about the Fed's rate policy.
In the DeFi universe, several structuring governance votes are coming to an end. The Arbitrum DAO must notably decide on funding of $16 million in RWA for the Arbitrum Foundation. Hyperliquid, for its part, releases 2.54% of its circulating supply on June 6, or approximately $673 million.
These unlocks, combined with macro uncertainties, merit careful monitoring of liquidity flows. To go further on the underlying dynamics, consult our file 2026: The year when crypto transforms the financial infrastructure.
In short, this week concentrates three levels of catalysts: the closing of the GENIUS consultations which sets the rules of the game for stablecoin issuers, the resumption of the Clarity Act which will determine the scope of the CFTC's supervision of digital assets, and macroeconomic data which will guide rate expectations. Three sequences which rarely overlap in the same weekly calendar.
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