Welcome to the party! The GENIUS Act (oh, how clever) is here to ‘strengthen’ the crypto ecosystem. Apparently, we’re all supposed to get excited because it’s *definitely* going to pass. Any day now. Yes, it’s got high hopes and dreams, and just a *smidge* of skepticism from the reality police.
So, the US Senate is basically going to rubber-stamp this beauty on June 17, according to ABC News (because they never get anything wrong, right?). Then, it’ll take a little stroll over to the House of Representatives for some ‘tweaks’—you know, because who doesn’t love a good revision?
At this point, 67 senators (don’t worry, we’ve got the numbers, folks!) are onboard—mostly Republicans, with a few Democrats jumping on the bandwagon like they just discovered stablecoins are ‘a thing.’ Oh, and 18 Democrats had a change of heart. Maybe they figured out how much fun crypto can be? 🧐
Remember last month when Mark Warner, Adam Schiff, and Ruben Gallego were like, “nah, we’re good with it now”? Yeah, me neither. What a wild ride!
The GENIUS Act basically says, “Hey, stablecoin issuers, make sure your coin is backed 1:1 by good ol’ US dollar reserves.” Seems simple enough. Oh, and they want tighter anti-money laundering and KYC policies, because of course, that’s been going so well everywhere else… 🙄
The Hidden Hole
Now, here’s the fun part: while the GENIUS Act bans Congress members from profiting off stablecoins (so noble, right?), there’s a little elephant in the room: Donald Trump. And his family’s decentralized finance project, World Liberty Financial. Yep, they’ve got their very own stablecoin—USD1. 🙈
Democrat Senator Angela Alsobrooks is like, “Sure, it’s not perfect, but hey, we tried, right?” It *only* *sort of* creates a conflict of interest. But hey, she still calls it a “good bipartisan effort.” Sure, Angela, sure. 🙄
Meanwhile, Senator Elizabeth Warren—because she’s definitely not a fan—warns that the bill opens a “superhighway” for Trump’s brand of *insert sarcasm here* ‘corruption.’ She’s also a little worried that Amazon and Meta might launch their own stablecoins and completely ruin all our lives. I mean, what’s next, a TikTok coin? 🤦♀️
The US Treasury says this bill could *totally* boost the US stablecoin market to a whopping $2 trillion by 2028. Because that seems really realistic, right?
After Senate approval, the House might add some extra financial reforms. But let’s be honest, they’ll probably just throw in a couple of extra changes to make crypto gambling even more of a thing. After all, stablecoins are *so* great for all those fast, borderless transactions! 🤑
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2025-06-17 13:30