Crypto’s Moment: GENIUS Act Zooms to Trump’s Desk—What Could Go Wrong? 😏💸

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Key Takeaways

Your beloved U.S. House has given a thumbs-up to the stablecoin bill—our very own GENIUS Act, now shimmering on the route to esteemed President Trump for a final nod to lawfulness. SEC chief Atkins, with a glint of optimism in his eye, announced it as a leap towards ‘spurring innovation’—as if innovation wore a suit and tie. 🕴️

Alas, in a week fraught with irony, the crypto realm has trod to a historical victory. The worthy stablecoin bill, cleared by the oh-so-wise jesters of the U.S. House, is now eagerly awaiting a stamp of approval from none other than the Donald himself. 🦅

House lawmakers, in an eyebrow-raising display of bipartisan civility, voted 308-122 in favor of adopting the GENIUS Act—perhaps aligning their policies with more than just their lunch plans.

A flock of over 100 Democrats decided to ignore their party loyalists and joined their Republican comrades in this legislative ballet, advancing a plan to legitimize payment stablecoins and weave them into the intricate tapestry of the financial ecosystem.

And yet, this was not a breezy stroll in the sunny park of political theater for our Republican friends. 🎭

A successful ‘crypto week’

Earlier this month, the chivalrous Republicans declared the week of July 15 as ‘crypto week,’ intent on pushing several crypto-related bills forward, including the ominously named CLARITY Act—in a world where clarity often plays hard to get. 🌈

However, their melodrama faced minor hiccups—such as the ‘anti-crypto corruption week,’ spearheaded by the indomitable Rep. Maxine Waters of California. The gallant Waters and her entourage demanded a presidential ethics clause be included amid accusations of shady familial financial escapades in the realm of crypto. 😅

Another hiccup appeared on stage, with some House members fretting over the inclusion of CBDCs—an awkward shy guest at this legislative soiree—temporarily blocking the bills from being discussed like yesterday’s fashion trends. Yet, Trump decided to step in, speedily clearing the path for Thursdays’ grand finale. 🎉

Even the ever-ambitious Minority Leader Hakeem Jeffries and other seasoned Democrats, like the venerable Nancy Pelosi, donned their bi-partisan hats to join forces with Republicans and send the bill flying through the legislative air. 🕊️

Market reactions

This majestic motion shall mark the first crypto legislation to officially embrace the U.S. legal framework, and naturally, the crypto industry has capered with delight. 😍

Ripple’s founder, the illustrious Brad Garlinghouse, labeled it as a ‘monumental financial bill’ not seen since the Great Financial Crisis of 2008, declaring,

“This moment is historic, and I, for one, am absolutely titillated by the potentiality this transformational legislation promises.”

Meanwhile, Ripple’s legal chief, Stuart Alderoty, chimed in, promoting his gospel that the stablecoin bill’s passage would usher in an era of innovation and consumer protection—because who doesn’t want their innovations wrapped in a cozy blanket of protection? 🛌

Coinbase’s creator, Brian Armstrong, celebrated the occasion as ‘a big day for crypto in DC’ yet ominously noted that the ‘job is not done’ until the CLARITY Act also sauntered across to Trump’s desk—perhaps equipped with a briefcase filled with enthusiasm and charm. 🧳

Paul Atkins, the SEC chair, joined the festivities, emphasizing the passage as an important step towards clarity, as if we could obtain clarity in Congress anytime soon!

“This is a significant step to spur innovation, providing the crypto industry something resembling clear rules—all the rage!”

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2025-07-18 14:21