Senate Passes Historic Crypto Bill: Sacks Hails Dollar Dominance, Bessent Sees $3.7T Boom

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Ah, mesdames et messieurs! With the Senate’s grand approval of the GENIUS Act, our illustrious White House Crypto Czar, David Sacks, and the ever-astute Treasury Secretary, Scott Bessent, have declared that stablecoins may just unlock markets worth trillions! Voilà! The U.S. is poised to reign supreme in the realm of digital finance! 💰✨

Senate Clears First Major Crypto Bill: ‘A Truly Historic Moment’

In a spectacle worthy of the finest theatre, the U.S. Senate has bestowed its blessing upon the bipartisan Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act! This marks a momentous occasion for the crypto industry, akin to a grand debutante ball! Chairman of the Senate Banking Committee, Tim Scott (R-SC), announced this passage on June 17, showcasing a framework for payment stablecoins that even Molière would applaud!

Co-sponsored by a veritable cast of Senators—Bill Hagerty (R-TN), Kirsten Gillibrand (D-NY), Cynthia Lummis (R-WY), and Angela Alsobrooks (D-MD)—the GENIUS Act is the first major financial legislation since the Dodd-Frank Act. Scott proclaimed: “With the GENIUS Act, we’re bringing clarity to a sector that’s been clouded by uncertainty, proving that bipartisan, principled leadership can still deliver real results for the American people.” Oh, how noble! 🎭

David Sacks, our esteemed White House AI and Crypto Czar, took to the social media stage, declaring:

The U.S. Senate has passed the GENIUS Act — landmark stablecoin legislation that provides regulatory clarity, enhances consumer protection, and extends U.S. dollar dominance online. Bravo! 👏

Treasury Secretary Scott Bessent chimed in, suggesting that stablecoins could create a veritable feast of demand for U.S. Treasuries, lowering government borrowing costs and addressing the national debt. “Recent reports predict that stablecoins could swell into a $3.7 trillion market by the decade’s end. With the GENIUS Act, this scenario is more likely than a comedy of errors!” he quipped. “A thriving stablecoin ecosystem will drive demand from the private sector for US Treasuries, which back stablecoins. This newfound demand could lower government borrowing costs and help rein in the national debt. It’s a win-win-win for everyone involved: The private sector, the Treasury, consumers.” What a delightful trifecta! 🎉

Many in the crypto industry have taken to the stage to applaud the Senate’s decision. Brad Garlinghouse, CEO of Ripple, reflected on this historic moment, stating on social media: “For years, crypto companies have been calling on Congress to pass crypto legislation and set rules of the road.” He added:

This is the first major financial bill since Dodd-Frank — the first crypto bill to pass in the Senate, which now moves to the House, a truly historic moment. Encore! 🎊

And so, the GENIUS Act now advances to the House of Representatives, where President Donald Trump has signaled his eagerness to sign it into law before the August recess. Will this reshape the U.S. crypto landscape? Only time will tell, but one thing is certain: the drama is far from over! 🍿

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2025-06-18 06:57