Unchained
Why the Senate Stablecoin Bill Stalled & What It Means for Crypto - Ep.832
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.
28:23
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Quick takeaways
- The Senate stalled the GENIUS Act due to political dynamics and confusion over competing proposals, but optimism remains for future negotiations.
- Concerns about Trump's crypto ties and shifting Democratic support highlight the complex intersection of politics and regulatory efforts in cryptocurrency.
Deep dives
Stalemate on the Stablecoin Bill
The Senate's inability to move the stablecoin bill known as the Genius Act forward was highlighted as a significant concern, particularly due to the limited floor time in the Senate. Recent negotiations among senators were intense, but ultimately resulted in a failure to achieve the necessary 60 votes to advance the bill. This failure was influenced by party dynamics, with all Democrats and three Republicans voting against the motion to proceed, raising concerns about the viability of passing any legislation. Despite the setback, there is optimism that the stalled bill is not permanently impeded and could be reevaluated once adequate negotiations ensue.
