US Senate Rejects GENIUS Act Stablecoin Bill in Close Vote

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In a rather predictable turn of events, the U.S. Senate, those venerable keepers of the republic, cast their votes and deemed the GENIUS Act—a bill designed to set a national framework for stablecoin issuance and oversight—unworthy of their esteemed approval. With great drama, the bill, which some had hoped would be the future cornerstone of cryptocurrency regulation in the United States, was swiftly rejected. It seems the future of finance will have to wait a little longer. 😏

Senator Lummis: “America Must Lead in Digital Assets” (Because, Obviously)

Senator Cynthia Lummis, the crusader from Wyoming, has long championed crypto legislation. Upon hearing the results of the vote, she was, shall we say, not exactly pleased. “We must protect U.S. dollar dominance,” she cried, almost as if someone was going to steal her piggy bank. And as for crypto jobs? Oh, they must remain stateside, obviously. With the passion of a zealot, Lummis reminded the nation that President Trump, alongside some other bipartisan lawmakers (who probably don’t want to be left out of the fun), have been her staunch allies in this battle.

“Digital assets are the future of finance… we must continue to advance regulations,” she declared, with the weight of someone who’s obviously seen the future. And let’s be honest, who wouldn’t want to be at the forefront of financial revolution, right? 💸

Senator Warner Cites Incomplete Bill Text (Because Who Needs Complete Bills Anyway?)

Meanwhile, over on the other side of the aisle, Democratic Senator Mark Warner from Virginia couldn’t quite bring himself to join the digital asset revolution just yet. He pointed to the bill’s “incomplete text” (because, who really reads those things anyway?) as his main reason for opposing the measure. Perhaps there was a missing comma or an unexplained blockchain reference that threw him off? Who knows! Warner made a vague promise to help “refine” the bill. Maybe a few more paragraphs or a clearer explanation of blockchain for dummies? Perhaps next week, he suggested, a new, improved version will make it to the Senate floor.

“I cannot ask my colleagues to vote for this bill in its current form,” Warner solemnly stated, as though he were performing some great act of public service by pointing out the obvious. Oh well, it’s not like the future of finance can’t wait a little longer, right? 😅

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2025-05-09 03:38