The Breakdown Senate Clears Stablecoin Bill Hurdle
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May 21, 2025 The U.S. Senate recently took a significant step in crypto legislation by voting to advance the Genius Act for stablecoin regulation. The discussion highlights the surprising flip in Democratic support and Elizabeth Warren's fierce opposition. Additionally, Circle is exploring a potential $5 billion sale amid acquisition talks with Coinbase and Ripple, sparking new questions about the future of USDC. The intricate financial web among these companies and the challenges facing stablecoins add another layer of intrigue to the evolving crypto landscape.
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Senate Advances Genius Act
- The Senate vote advancing the Genius Act marked a key breakthrough for stablecoin regulation in the US.
- Bipartisan support shifted after addressing concerns from Democrats and Republicans, notably flipping Josh Hawley and gaining 16 Democratic votes.
Key Provisions in Genius Act
- Key provisions include banning interest payments to customers and barring big tech from issuing stablecoins.
- Mandatory banking licenses and KYC/AML compliance aim to tighten regulatory oversight on stablecoins.
Political Strategy Shapes Crypto Law
- The battle over stablecoin legislation also reflected political strategies between obstructionism and pragmatic policymaking.
- Senator Kirsten Gillibrand's success signaled possible paths for cooperation on legislation beyond crypto.