10 Senators Throw Shade: Stablecoin Regulation in Hot Water 😬

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Buckle up, cryptocurrency fans – the big, shiny ship of stablecoin regulation has just rear-ended a congressional speed bump. A group of US senators is pulling out their support for the GENIUS Act, which, if we’re guessing, stands for something like “Generally Everyone Now Is Unamused, Senators.” The original plan for a breezy, no-drama Senate vote? Gone faster than my willpower during Girl Scout cookie season. 🍪

10 Senators Say “No Thanks, We’d Rather Watch Paint Dry” To The GENIUS Act

According to crypto-journalist-slash-sleuth Eleanor Terrett (who, let’s be honest, probably knows more about blockchain than your cousin who keeps DM’ing you about NFTs), a crew of skeptical senators is not buying the new-and-unimproved GENIUS Act. Led by Ruben Gallego, their message is basically: “Nice try, but… meh.”

The senators’ gripes? They want more bite on anti-money laundering rules (because apparently “don’t be shady” isn’t specific enough), and extra security jazz hands to protect America’s precious financial ecosystem from potential chaos. You can almost see them clutching their pearls and muttering about foreign stablecoin issuers lurking ominously, ready to disrupt “the system.”

But wait, there’s more! They’re throwing shade at the bill’s missing “serious consequences” for bad actors. Because what’s regulation without a little threat of regulatory spankings?

Flashback to last week, everyone expected the vote before May 26. Now the vibe is, “Sure, but only if you fix literally everything we’re mad about.” Hurry up and amend, folks – democracy is on the clock.

“We want to keep talking, but honestly, if you bring this mess up for a vote right now, we’ll stick to our answer: Nope.”

Stablecoin Issuers: Please Place Your Compliance Plans in the Overhead Bin

Just when stablecoin fans were preparing the confetti for regulatory approval, a storm of political drama rolled in, and no, not the fun kind with jazz hands – actual legal delays! 😑 If this group’s dissent grows, the bill lands somewhere between “not-passed” and “Who put this in my inbox?”

Bo Hines (prophet? dreamer? over-caffeinated intern?) had predicted regulation by June, but now…well, someone get this guy a Magic 8-Ball. If the House doesn’t pass the bill, cue the slow-motion montage of amendments and desperate think-tank roundtables.

The real losers? Stablecoin issuers. Just when they’d made short- and medium-term plans (you know, like booking a long vacation for after the bill passed), boom: more waiting. Plus, Tether already announced a new US-only stablecoin, presumably because “Why not?” is a powerful motivator. Meanwhile, Ripple just hit the $300 million mark with RLUSD and promptly slammed the minting brakes like your grandma spotting a squirrel. 🐿️

As for WLFI’s USD1 stablecoin? Sorry, you might be sitting on the exchange bench a little longer. No timeline, all vibes.

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2025-05-04 07:29