Well, folks, hold onto your wallets! The U.S. Senate has finally decided to play nice with crypto, giving a hearty thumbs-up to the GENIUS Act with a vote of 68-30. Yes, you heard that right—68 senators agreed on something! It’s like finding out your cat actually likes the dog. 🐱🐶
This monumental bipartisan vote is being hailed as a historic moment for the crypto industry, which has been waiting longer for clear regulations than I’ve waited for my laundry to dry. And let me tell you, that’s a long time. 🕰️
For years, the Senate was the equivalent of that one friend who always says, “I’ll think about it,” while you’re trying to make plans. But now, it seems they’ve finally decided to get off the couch and support some stablecoin rules. Who knew they could be so… stable? 😏
The bill’s full name is the Guiding and Establishing National Innovation for US Stablecoins of 2025. I mean, who doesn’t love a title that sounds like it was generated by a committee of over-caffeinated squirrels? 🐿️ It lays down the law for stablecoins, which are basically digital tokens that are supposed to be as reliable as your grandma’s secret cookie recipe—if your grandma was a tech-savvy millennial.
Under this new legislation, stablecoins can be issued in the U.S. under either federal or state supervision. And get this: even non-financial companies can create their own coins! I can already see my neighbor trying to launch “BobCoin” backed by his collection of vintage lawn gnomes. 🏡
Before the vote, Senator Bill Hagerty, the bill’s sponsor, was practically sweating bullets about the urgency of this legislation. He claimed that without clear regulations, digital asset innovation was packing its bags and heading overseas. “To modernize our payment system and restore our nation’s competitive edge, we must act now,” he said, probably while clutching a stress ball shaped like a Bitcoin. 💰
Now, as the GENIUS Act makes its way to the House of Representatives, lawmakers there will have to decide how to handle it. They could vote on the Senate version directly, mix it with their own market structure bill, or just toss it in the air and see where it lands. 🎲
In any case, the House has to approve the bill before it can make its grand debut on the president’s desk. This progress in the Senate comes right after some major wins for the Digital Asset Market Clarity Act in the House. It’s like watching a soap opera where the plot twists just keep coming! 📺
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2025-06-11 23:03