Unchained Why the Senate Stablecoin Bill Stalled & What It Means for Crypto - Ep.832
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May 9, 2025 Kristin Smith, CEO of the Blockchain Association, and Amanda Tuminelli, executive director of the DeFi Education Fund, dive into the political drama surrounding the stalled GENIUS Act—the pivotal federal stablecoin bill. They discuss the shifting allegiances among lawmakers, especially Democrats who have changed their stance on crypto. The impact of Trump's crypto connections on the legislative process is analyzed, alongside the ongoing fight for a deal this year, highlighting the complexities of bipartisan support and market implications.
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Senate Procedural Hurdles Explained
- Senate rules make floor time extremely limited and debate can be blocked by any senator.
- The stalled vote was on proceeding to debate, needing 60 votes, which was not reached due to minority opposition.
Democrats' Concerns on Stablecoin Bill
- Democrats opposed the bill partly due to concerns over Trump's family's crypto involvement.
- Other concerns include tech giants entering stablecoin space and anti-money laundering misunderstandings.
Two Different Genius Acts Confuse Democrats
- Confusion arose because a newer GOP-only version of the Genius Act replaced the committee-approved bipartisan one.
- Democrats saw the procedural maneuver as unfair and brought additional political issues into negotiations.