Crypto’s Big Day: Senate Passes the GENIUS Act! 🎉💰

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Ah, the United States Senate, that grand theater of democracy, has finally bestowed upon the crypto industry a legislative triumph worthy of a standing ovation! The GENIUS Act, a title that could make even the most mundane of bills sound like a bestseller, has passed, thanks to a delightful cocktail of bipartisan support. Who knew that politicians could play nice? 🍷

But hold your horses! The bill now gallops over to the House, where it must tango with the STABLE Act. Will they dance in harmony or step on each other’s toes? Only time will tell! 🕺💃

Senate Passes Genius Act

After what felt like an eternity of deliberations, false starts, and the occasional existential crisis, the Senate has officially passed the GENIUS Act. This landmark legislation lays down the law for trading and issuing stablecoins in the good ol’ U.S. of A. With a vote of 68-30, it seems that 18 Democrats decided to join the Republicans for a little bipartisan fun. However, not everyone was on board; Senator Josh Hawley, a lone wolf, howled against provisions that would allow big tech firms to issue stablecoins and track user spending data. Because who needs privacy, right? 🙄

The GENIUS Act insists that stablecoins be backed by liquid assets like the US Dollar and short-term Treasury Bills. Issuers must disclose their reserves, and those with a market cap over $50 billion will face regular audits. Oh, and let’s not forget the new compliance rules for foreign issuers like Tether. Non-financial public companies like Meta and Amazon? Sorry, folks, you’ll have to wait until you meet specific risk and privacy requirements. And in a delightful twist, stablecoin holders get priority in bankruptcy proceedings. Because who doesn’t love a good plot twist? 📉

And what’s this? Treasury Secretary Scott Bessent has been granted sweeping powers! He boldly proclaimed that the stablecoin market could balloon to $2 trillion in the coming years. Bessent mused,

“A thriving stablecoin ecosystem will drive demand from the private sector for US Treasuries, which back stablecoins. This newfound demand could lower government borrowing costs and help rein in the national debt. It could also onramp millions of new users—across the globe—to the dollar-based digital asset economy.”

The Next Step

Now, the GENIUS Act must waltz over to the House, where it will engage in a delicate dance with the STABLE Act. These two proposals differ on state versus federal oversight and how to treat foreign stablecoin issuers. A reconciliation is a must before any form reaches President Donald Trump’s desk for a signature. And guess what? Trump is all in for stablecoin regulation, hoping to have a bill signed by August. Talk about a summer blockbuster! ☀️

Senator Cynthia Lummis, in a moment of candid reflection, remarked that the GENIUS Act was supposed to be the easiest crypto bill to pass. Yet, here we are, months later, still waiting for the curtain to rise. She quipped,

“We thought it would be easiest to start with stablecoins. It has been extremely difficult. I had no idea how hard this was going to be.”

Crypto Industry Hails Landmark Legislation

While the bill faces a few hurdles in the House, its passage from the Senate marks a turning point for the crypto ecosystem and its political clout. Crypto industry leaders were quick to declare this vote a landmark victory. Liat Sherat, Vice President of Global Policy and Regulation at Elliptic, chimed in,

“The U.S. approving its first major federal legislation focused on stablecoins is a pivotal step in shaping the country’s digital asset future and addressing oversight of the rapidly growing digital asset ecosystem.”

Amanda Tuminelli, Executive Director of the DeFi Education Fund, echoed the sentiment, calling it a big win for the U.S. and innovation, stating,

“This is a win for the U.S., a win for innovation, and a monumental step towards appropriate regulation for digital assets in the United States.”

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2025-06-18 20:10