Greene Veto: GENIUS Act Fails Over Missing CBDC Ban 🤦‍♂️

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In a twist that could only be described as a political jamboree, the US House of Representatives, in all its wisdom, decided to give the GENIUS Act the cold shoulder yesterday. This little fiasco, which took place during the much-hyped “Crypto Week,” left many a crypto enthusiast scratching their heads. After all, the GENIUS Act was supposed to be the shining beacon of clarity in the murky waters of stablecoin regulation. But, as they say, the best-laid plans of mice and men… 🐁👨‍👩‍👧‍👦

Leading the charge against the bill was none other than US Representative Marjorie Taylor Greene, the self-proclaimed Chairwoman of the DOGE Committee. In a statement that could have been lifted straight from a stand-up comedy routine, Greene explained that her opposition was rooted in the bill’s glaring omission: a ban on Central Bank Digital Currencies (CBDCs). “Americans don’t want a government-controlled digital dollar,” she declared, as if the government hadn’t already meddled in every other aspect of our lives. “Republicans have a duty to defend financial freedom and privacy by opposing CBDCs,” she added, with a straight face that would make a poker player blush. 🃏

The unexpected rejection of the GENIUS Act has now sparked a new round of debates about the direction of crypto regulation in the United States. It’s like a never-ending soap opera, with each episode more dramatic than the last. As lawmakers continue to bicker over the future of digital finance, the rest of us are left wondering what’s next. 🤷‍♂️

CBDC Debate Ignites As Trump Asserts GENIUS Act Vote Will Pass

Greene also took a jab at Speaker Mike Johnson, accusing him of not allowing members of Congress to submit amendments to the legislation. “Americans do not want a government-controlled Central Bank Digital Currency,” she repeated, as if the first time wasn’t enough. “Republicans have a duty to ban CBDC,” she insisted, pointing to former President Donald Trump’s executive order from January 23, which called for a CBDC ban. “Congress should reflect that position within the GENIUS Act,” she argued, as if the rest of the world hadn’t moved on. 🕰️

The debate over CBDCs has now become a key dividing line in the broader crypto policy discussion. For critics like Greene, a CBDC is the ultimate boogeyman, a symbol of government overreach and a threat to individual financial privacy. It’s a narrative that has gained traction among conservatives, who seem to be more afraid of their own government than a good ol’ fashioned ghost story. 👻

Despite the setback, US President Donald Trump, ever the optimist, took to his Truth Social account to declare that the legislative push is far from over. “I am in the Oval Office with 11 of the 12 Congressmen/women necessary to pass the GENIUS Act and, after a short discussion, they have all agreed to vote tomorrow morning in favor of the Rule,” he wrote, as if he were orchestrating a high-stakes poker game. 🎭

If Wednesday’s vote succeeds, it could breathe new life into the GENIUS Act and reframe the discussion around crypto regulation. However, the growing insistence on a CBDC ban may continue to complicate bipartisan support, especially as the issue becomes more deeply entangled in the 2024 presidential race and the future of financial sovereignty in the US. It’s a wild ride, folks, and we’re all just along for the show. 🎢

Stablecoin Dominance Drops To 7.08% As Risk Appetite Rises

The weekly chart of stablecoin dominance shows a clear downward shift, with the metric currently sitting at 7.08%, marking a steady decline from its recent highs above 9%. This trend suggests that capital is rotating out of stablecoins and into more volatile crypto assets like Bitcoin and Ethereum, a common pattern during periods of renewed market confidence. It’s like the crypto market is saying, “Why settle for a stable ride when you can have a rollercoaster?” 🎢

Stablecoin dominance is now trading below all key moving averages: the 50-week (7.72%), 100-week (7.97%), and 200-week (9.31%) SMAs. This technical breakdown highlights a weakening position for stablecoins relative to the broader crypto market. Historically, when dominance falls below these levels, it signals growing risk appetite and a shift toward the accumulation of growth assets, which aligns with current bullish momentum across altcoins and ETH. It’s like the market is saying, “Bring on the risk, we’re ready for it!” 🚀

This decline in dominance—despite total stablecoin supply continuing to rise—is a bullish macro signal. It shows that liquidity is present and moving into the market, not out of it, supporting the case for further upside in the months ahead. So, buckle up, folks, it’s going to be a wild ride! 🎉

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2025-07-17 00:44