After what can only be described as a political battle of epic proportions, the Senate managed to advance the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act of 2025 on Monday night. If this landmark stablecoin bill can somehow navigate the treacherous waters of final approval, it will rewrite crypto history in America, establishing the first comprehensive framework for stablecoin regulation. 🚀
Despite the usual political pushback, the bill secured a 66-32 procedural vote on Monday night. Multiple Democrats reportedly voted in favor after some amendments to address ethical concerns, which is about as surprising as finding a towel in a spaceship. Now, the Senate will debate and vote to pass the bill forward to the House. As this step only requires a simple majority, the supporters are optimistic about its passage, though optimism in politics is often as rare as a Vogon with a sense of humor. 😂
Political Backlash Against the GENIUS Act
Despite its introduction as a bipartisan bill, the GENIUS Act faced several political challenges. The Democrats protested alleged conflicts and corruption involving President Donald Trump and his family’s crypto empire. Notably, the Trump family-backed World Liberty Foundation’s (WLF) USD1 stablecoin became… Read More at Coingape.com
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2025-05-20 09:21