This week, the US Senate decided to play the world’s least exciting game of “Will They or Won’t They?” with the GENIUS Act, a bill intended to regulate stablecoins. Spoiler alert: They didn’t.
On May 8, 49 Democrat senators teamed up for a dramatic face-off, voting against the bill’s progression, while 48 Republican senators threw their support behind it. The plot thickens…
Unlikely Betrayal: Democrats Ditch Stablecoin Legislation
Once champions of this bill, some Democrat senators like Ruben Gallego, Mark Warner, and Kirsten Gillibrand—who you might’ve thought were solid allies—decided to suddenly pull a 180. Who knew?
The betrayal was shocking, given the bill’s previous bipartisan cheerleading squad. What went wrong? Gallego and his team say the bill was missing key safeguards. Specifically, they wanted more muscle behind anti-money laundering measures, better oversight of foreign stablecoin issuers, and clearer enforcement mechanisms. But let’s not forget the national security concerns—they weren’t happy with that either.
“We recognize that the absence of regulation leaves consumers unprotected and vulnerable to predatory practices,” they declared. Yeah, the lack of regulation isn’t just ‘a problem,’ it’s *the* problem.
Meanwhile, Republicans like Pete Ricketts couldn’t help but accuse their Democrat peers of playing a political game, rather than a policy game. Oh, the drama…
Bo Hines from the President’s Council on Digital Assets wasn’t exactly in a forgiving mood either, saying Senate Democrats missed out on a chance to boost innovation and secure the US’s role as a financial tech powerhouse. The stakes are high, people.
“This bill wasn’t about politics—it was about building the future. It was about modernizing our outdated payment systems…and then the Democrats threw it all away,” Hines ranted on X (because, apparently, it’s 2010).
Matt Hougan, the Chief Investment Officer at Bitwise, also joined the chorus of discontent. He warned that the lack of regulation could throw the stablecoin world into chaos. Get ready for a bumpy ride, altcoins.
“If stablecoin and market structure legislation grind to a halt, it’s going to be a long summer for non-bitcoin crypto assets,” Hougan lamented. Someone get this guy a drink.
Tether Cheers the GENIUS Act Reboot
Fast forward to an updated draft of the GENIUS Act, which miraculously emerges after the vote. This new version is slimmer, faster, and—wait for it—way more Republican. Key sponsors now include Bill Hagerty, Cynthia Lummis, and Tim Scott, with the Democrats unceremoniously dumped. How very…dramatic.
The latest version also brings a whole new twist by extending US jurisdiction to foreign stablecoin issuers like Tether. Talk about going global.
And in case you were wondering, Tether CEO Paolo Ardoino is all about these revisions. He’s excited about the future of US dollar dominance. Who isn’t?
“We acknowledge and appreciate the hard work that the administration has done to support this transformative technology…We look forward to the government’s continued efforts to promote global dollar hegemony,” he gushed. It’s all about that global dominance, baby.
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2025-05-10 19:41