Is the GENIUS Act the Answer to Our Crypto Prayers or Just Another Senate Circus?

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  • A 3/4 Senate pushes with the stablecoin GENIUS Act. Because who doesn’t love a good acronym?
  • Bill gains bipartisan support with 16 Democrats voting yes. Yes, you read that right—16!
  • Revised GENIUS Act addresses Big Tech and national security. Because nothing says “secure” like a tech giant handling your money.

On Monday night, the U.S. Senate decided to play nice and approved the GENIUS Act, which aims to set up stablecoin standards. The vote was 66 to 32, which is about 3/4 support—so, you know, a solid majority, unless you’re counting the number of times I’ve tried to diet this year.

The GENIUS Act, or S. 1582 (because every good bill needs a catchy name), is all about establishing standards for stablecoins—those digital currencies that are tied to things like the U.S. dollar. It managed to dodge a procedural roadblock by snagging the 60 votes it needed to wrap up discussion. It’s like the bill finally found the exit sign at a party no one wanted to leave.

Bipartisan Support Helps the GENIUS Act Move Forward

Sixteen Democrats and most Senate Republicans decided to join forces for this measure. Among the notable Democrats who changed their votes were Ruben Gallego from Arizona, Mark Warner from Virginia, and Lisa Blunt Rochester from Pennsylvania. It’s like a political version of “The Breakfast Club,” but with fewer John Hughes references.

This vote comes after a failed attempt on May 8, when the measure lost by a vote of 48 to 49. At that time, Democrats were sweating bullets over President Donald Trump’s cryptocurrency businesses, particularly his family’s ties to World Liberty Financial, a stablecoin issuer. Talk about a family reunion gone wrong!

After the first failure, the talks led to a new draft of the GENIUS Act. The new measure includes rules to deal with conflicts of interest, national security, and Big Tech’s role in stablecoins. Because nothing says “trust us” like a bunch of politicians trying to regulate tech.

One new rule states that key officials in the executive branch can’t issue stablecoins while they’re in office. But, of course, this doesn’t apply to the president and vice president. Because why would we want to limit their fun?

Another change prevents Big Tech firms from creating stablecoins unless they have permission from users to handle sensitive financial information. This is aimed at companies like Apple, Meta, and Amazon, who might be eyeing stablecoins like a kid in a candy store. “Can I have that one? And that one?”

Senator Kirsten Gillibrand, one of the bill’s earliest co-sponsors, argued that it protects consumers and stimulates fresh ideas. She claims it helps the U.S. compete in the global digital marketplace. Because nothing screams “innovation” like a bunch of senators trying to understand cryptocurrency.

GENIUS Act: The Bill That Might Bring Wall Street Into Crypto—If It Survives the Senate

Stablecoins make it easy to exchange digital assets and make payments across borders without using regular money. The GENIUS Act wants to provide issuers a legal framework, which might just lure big banks into the industry. It’s like trying to convince your cat to take a bath—good luck with that!

Industry leaders believe this new law could bring billions into the crypto sector. With clearer rules in place, big Wall Street firms that were previously wary might just dip their toes into the stablecoin pool. “Cannonball!”

The bill’s passage is a win for the crypto sector, which has been working tirelessly to make stablecoins a common way to handle money. Coinbase, one of the biggest cryptocurrency exchanges, has been campaigning like it’s the last round of a game show.

But not everyone is on board. Some Democrats are still at odds. Senate Minority Leader Chuck Schumer and Minority Whip Dick Durbin both voted against pushing the legislation ahead, which suggests that the party is still a bit anxious. It’s like watching a family argue over what to watch on movie night.

Senator Elizabeth Warren, who isn’t exactly a fan of the bill, claimed it doesn’t do enough to protect people from potential corruption and financial issues. She’s worried it might just make things worse for Trump’s bitcoin company. “Thanks, but no thanks!”

The proposal also faced opposition from two Republicans, Jerry Moran of Kansas and Rand Paul of Kentucky. Paul has said he doesn’t like too many rules, but Moran’s reasons for disliking them remain a mystery. Maybe he just prefers chaos?

The Senate will now discuss the GENIUS Act and make any necessary changes. A final vote might happen soon, but some senators say it could be after the Memorial Day break. Because who doesn’t love a good cliffhanger?

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2025-05-20 21:06