Senate Passes GENIUS Act: Is This the Future of Stablecoins or Just Another Circus?

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So, the US Senate, in a fit of what they call “progress,” decided to pass the GENIUS Act. Yeah, that’s right, a whopping 68 to 30 vote on June 17. I mean, who knew they could agree on anything? It’s like watching a bunch of cats trying to agree on which box to sit in. 🐱📦

This bill is supposed to set the first federal regulations for dollar-pegged stablecoins. And guess what? The crypto industry is all over it like a dog on a bone. 🦴

“The GENIUS Act will protect consumers, enable responsible innovation, and safeguard the dominance of the U.S. dollar,” said Senator Kirsten Gillibrand, one of the bill’s sponsors. Sure, Kirsten, because we all know how well the government protects consumers. 🙄

Now, before you pop the champagne, this bill still has to wade through the Republican-controlled House. Good luck with that! It’s like trying to get a cat to take a bath. 🛁

JUST IN: Senate passes GENIUS Act for federal stablecoin regulation, by a vote of 51-23. Now moves to the House.

— Bitcoin Laws (@Bitcoin_Laws) June 17, 2025

Greenlight for Stablecoins

Senator Bill Hagerty introduced this gem back in February to regulate the $260 billion stablecoin market. After the vote, he said:

“This is going to open the door for innovation in America like we’ve never seen before. This is an inflection point moving the USA into the digital age.” Wow, Bill, you really think so? I mean, I’ve seen more innovation in a microwave. 🍕

He claims this will ensure the dollar remains the top dog. By moving payments onto the blockchain, we’ll create efficiency and cut costs. Sounds great, right? Until you realize it’s just another way to make you feel like you’re saving money while they’re still charging you for everything. 💸

The GENIUS Act has PASSED in the Senate!

— Senator Bill Hagerty (@SenatorHagerty) June 17, 2025

Treasury Secretary Scott Bessent is also on board, saying that “Stablecoin legislation backed by US Treasuries or T-bills will create a market that will expand US dollar usage via these stablecoins all around the world.” Great, just what we need—more ways to spend money we don’t have! 💳

Senate Committee Chairman Tim Scott called it a historic day for our nation. Historic? Really? I mean, I’ve seen more historic days at a family reunion. 🍗

“After voting on 40 amendments […], we were able to forge a piece of legislation that focuses on the marketplace.”

So, this legislation requires stablecoins to be fully backed and for issuers to undergo regular security audits. Because nothing says “trust us” like a government audit, right? 😂

NEW: The GENIUS Act has officially passed the Senate.

I caught up with @BankingGOP Chair @SenatorTimScott after the vote. He called it a “historic day for our nation” and said the focus now shifts to market structure.

“Let’s get this party started.”

— Eleanor Terrett (@EleanorTerrett) June 17, 2025

And guess what? It opens the door for a “broader range of issuers,” including banks, fintech firms, and tech giants. Because nothing says “innovation” like letting the big guys take over. 🙌

Democrats in Opposition

But wait! Not everyone is on board. Several Democrats tried to throw a wrench in the works with amendments before the vote. They even tried to stop President Trump and his family from profiting off crypto ventures. Spoiler alert: they failed. The final legislation only prohibits members of Congress and their families. So, you know, just the usual. 🙃

And let’s not forget the STABLE Act, which is also making its way through Congress. Because if there’s one thing we need, it’s more legislation to keep track of all this chaos! 🎪

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2025-06-18 09:11