GENIUS Act: The Senate’s Latest Attempt to Make Sense of Stablecoins!
In a move that can only be described as “what were they thinking?” the US Senate has managed to pass a rather critical cloture vote on the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act. With a resounding 66 votes in favor and a mere 32 votes against, it seems the Senate is feeling particularly generous today. Or perhaps they just had a particularly good lunch. 🍽️
But hold your horses! This bill hasn’t quite made it to the finish line yet. It’s off to the Senate floor for a good old-fashioned debate, where amendments will be thrown around like confetti at a particularly enthusiastic wedding. 🎉
GENIUS Act Clears Cloture Vote
The pièce de résistance of this cloture vote was the unexpected twist of sixteen Democrats deciding to flip their votes faster than a pancake at a Sunday brunch. Yes, you heard that right! A significant shift in favor of the GENIUS Act, which is either a sign of progress or a sign that someone has been bribed with donuts. 🍩
Last thing — here’s the list of sixteen Dems that flipped their votes to yes:
1. Alsobrooks
2. Hassan
3. Warner
4. Schiff
5. Padilla
6. Slotkin
7. Blunt-Rochester
8. Cortez Masto
9. Fetterman
10. Gallego
11. Gillibrand
12. Heinrich
13. Lujan
14. Ossoff
15. Rosen
16. Booker— Eleanor Terrett (@EleanorTerrett) May 20, 2025
According to the ever-enthusiastic reporter and Crypto In America host Eleanor Terrett, the bill is set to waltz its way to the Senate by tonight or Wednesday. Because who doesn’t love a good deadline? ⏰
“GOP leaders had been hoping to get in a final passage vote before Memorial Day next Monday, but unclear if that will happen at the present time,” Terrett noted, probably while sipping a cup of coffee and shaking her head.
Faryar Shirzad, Coinbase’s Chief Policy Officer, described the vote as a “historic early win.” Because nothing says “historic” like a bunch of politicians arguing over digital coins. He emphasized that while many steps remain, this move brings stablecoin legislation closer to becoming a reality. Or at least a reality TV show. 📺
“Crypto is again showing that it’s the biggest bipartisan issue in play on the Hill,” Shirzad wrote, probably while trying to figure out how to explain this to his grandmother.
Senator Bill Hagerty, the bill’s sponsor, expressed optimism that could rival a puppy in a room full of kittens. He predicted that the GENIUS Act could drive demand for US Treasury bonds by over $1 trillion, potentially bolstering the country’s financial system. Or at least making it look good on paper. 📈
“The GENIUS Act skyrockets the United States with a digital payment framework with the fastest rails possible. It will ensure US dollar dominance,” Senator Hagerty posted, likely while dreaming of dollar bills raining from the sky.
However, not everyone is throwing confetti. Senator Elizabeth Warren, the Ranking Member of the Senate Banking Committee, warned of systemic risks, citing a Nobel Prize-winning economist in a statement on X. Because if you can’t win an argument, just throw in a Nobel Prize, right? 🏆
“We urgently need strong regulatory oversight of stablecoins. The GENIUS Act lacks fundamental provisions to preserve financial stability and would increase systemic risk stemming from stablecoin runs and inadequate guardrails on foreign issuers,” economist Simon Johnson remarked, probably while shaking his head in disbelief.
Crypto commentator Richard Heart also offered a critique sharper than a chef’s knife. He argued that the GENIUS Act would force stablecoins into the traditional banking system, effectively putting a straitjacket on innovation in the decentralized finance space. Because who doesn’t love a good straitjacket? 🤷♂️
“It’s a *stablecoin crackdown* that protects incumbents and could handcuff DeFi innovation. USDC, USDT, DAI,” Heart stated, likely while rolling his eyes.
While the cloture vote was a procedural win, it revealed deep divisions. For now, the bill’s final passage remains as uncertain as a cat’s loyalty. As the Senate prepares for the decisive vote, the debate over stablecoin regulation continues to intensify, with far-reaching implications for the future of digital finance in the US. Buckle up, folks! 🚀
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2025-05-20 08:23