Stablecoin Bill Clears Senate: Is the Crypto Chaos Finally Getting Some Order?

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  • The stablecoin bill is now on its way to floor debates, amendments, and a final Senate vote.
  • The House of Representatives has its own little task: passing the bill before the presidential ink hits the paper.

On the 19th of May, the GENIUS Act, as they’re calling it, squeaked through a critical Senate vote, throwing open the door to the long-awaited (and much-needed) structure for the crypto market. If you’re into dramatic shifts, this is your moment.

Bipartisan cheerleaders managed to rally up 66 ‘YES’ votes, crushing the 60-vote threshold, while a meager 32 ‘NO’ votes tried to throw a wrench into the gears. It’s like a political version of “Survivor.”

Let’s not forget the first round on May 8th, when the bill got shot down faster than a cup of coffee on a Monday morning, thanks to the scrappy opposition led by the mighty Democrats, Ruben Gallego and Elizabeth Warren.

Stablecoin Bill: Who’s Clapping? Who’s Booing?

Fast forward to yesterday, and a twist no one saw coming: some of those same Democrats, including Gallego (who’d rather be fishing than voting for crypto), came back and lent their support—except for New Jersey’s Andy Kim, who apparently prefers his digital currency in a more cautious form.

Crypto super PACs—oh, don’t you love them—made their presence felt, with Fairshake and Stand With Crypto (SWC) reportedly lobbying with the fervor of a thousand unpaid interns. SWC’s spokesman boasted,

“We made ourselves heard. Senators are shaking in their boots after tens of thousands of contacts and a 120K-viewer livestream.”

Some of these very Senators, like Gallego, Bernie Moreno, and Adam Schiff, have already had their careers greased with Fairshake support. Coincidence? Probably not. But who’s keeping track, right?

For the tech-minded crowd, CEDAR Innovation Foundation (another Fairshake affiliate) jumped in to deliver a statement of good cheer, as if celebrating an IPO:

“Let’s raise a glass! This vote clears the path for a proper structure in digital assets. Finally, rules. We all love rules, don’t we?”

Alex Thorn, from Galaxy Digital, was practically doing cartwheels, calling it a “big win” for the sector—because, apparently, the sector has been desperately waiting for this life-changing event.

Senator Bill Hagerty, clearly with his eye on the bigger picture, chimed in with promises of a sparkling future:

“Not only will customers be protected, but U.S. treasuries will soar by over $1 trillion. And of course, innovation in digital assets will thrive like never before!”

However, some Democrats (yes, we’re back to Elizabeth Warren) are not ready to toast to this victory. She’s warning that the bill will be the *perfect* tool for corporate corruption and give President Trump more control over his beloved USD1 stablecoin. Someone get her a glass of water to cool down:

“This bill is the gift that keeps on giving—only it’s corruption, not presents. Trump’s financial products are about to get a turbo boost.”

The next act in this drama? A floor debate and amendments, naturally. Just when you think it’s over, they keep dragging it out.

After that, the Senate will face the final vote—51 votes are all that’s needed (unless, of course, someone’s taking a sick day). We could see this final vote after Memorial Day, on the 26th of May. The suspense is truly unbearable.

But don’t uncork the champagne just yet—the U.S. House of Representatives still has to give it a thumbs-up before it hits the President’s desk for a grand signature. Because nothing in American politics happens without at least a couple more rounds of approvals, right?

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2025-05-20 11:29