Ah, the Senate! That august body, forever embroiled in matters of grave importance (or so they would have you believe). This time, they’ve set their sights upon… stablecoins! Yes, those digital trinkets that promise stability in a world gone mad. The bill, grandiosely titled the “Guiding and Establishing National Innovation for U.S. Stablecoins Act” (GENIUS Act, indeed! One wonders if they consulted a dictionary before affixing such a label), aims to, allegedly, create clear rules for their oversight. Clear as mud, more likely. 😒
Senator Thune, bless his heart, has filed cloture to push this legislative marvel forward, including its bipartisan amendment. A bipartisan amendment! As if two wrongs could ever make a right. This, according to an official post from the Senate Republican Cloakroom, a place where, one imagines, much cloak-and-dagger business transpires. 🤫
Lawmakers Prepare for Crucial 60-Vote Threshold (or How to Count to Sixty While Yawning)
In a prior session, the Senate, in a moment of surprising unity (or perhaps collective confusion), voted 66-32 to invoke cloture on the bill. Sixty-six! A veritable landslide! Wednesday’s vote, however, now requires a mere 60 votes to advance. Sixty! Such a monumental task for these esteemed legislators. One can only hope they’ve had their coffee. ☕
Should this legislative behemoth lumber its way to final approval, the crypto industry, those purveyors of digital dreams and occasional nightmares, welcomed last month’s vote as a milestone in digital asset regulation. A milestone, they say! More like a pebble in the road, if you ask me. 🙄
Dollar-Backed Stablecoins and Issuer Oversight (or How to Make Money Disappear Magically)
Under this GENIUS Act (the irony!), stablecoins must be backed one-to-one by U.S. dollars or similarly liquid reserves. One-to-one! As if such a thing were truly possible in this age of financial wizardry. The law also imposes annual audit requirements for issuers with valuations over \$50 billion. Audits! A terrifying prospect for those who prefer their financial dealings shrouded in a bit of mystery. 👻
Industry leaders, those ever-optimistic souls, say the bill strengthens dollar-backed digital assets while securing the U.S. lead in global finance. Securing the lead! As if the U.S. were in a race with… whom, exactly? Martians? Perhaps they should focus on securing the lead in something a bit more tangible, like, say, affordable housing. Just a thought. 🤔
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2025-06-10 15:13