Senate passes stablecoin bill, a major victory for the crypto world

[In It to Win It]

The Senate on Tuesday passed a bill that would establish the first federal framework for dollar-backed cryptocurrencies known as stablecoins, a major victory for an industry that has pushed for more favorable oversight in Washington, D.C.

Though passage of the GENIUS Act in the upper chamber by a vote of 68-30 won’t yet make the new legislation law — it still needs approval from the House and President Trump — the crypto world is already lauding the bill’s swift progress as a major step.

“I feel really good about [this bill],” said Dante Disparte, chief strategy officer and head of global policy and operations at Circle (CRCL), the largest US stablecoin issuer.

Circle’s stock has soared roughly 400% since its debut day of trading on June 5, a sign of growing investor enthusiasm for stablecoins as the legislation advances in Congress.

https://finance.yahoo.com/news/senate-passes-stablecoin-bill-a-major-victory-for-the-crypto-world-214918446.html

[yankee87]

1. Gambling

So, we are now backing gambling debts. It's never going to end.

[Johonny]

2. Predict the "stablecoin" bail out and when

Because we all know there will be a stablecoin bail out . . .

[LudwigPastorius]

13. This bill actually makes it a law that anyone issuing...

a stablecoin must have real-world assets (dollars, gold...) to back it up.

If anything, it makes a bust of that particular issue less likely.

Bitcoin and other speculative crypto is another matter entirely.

[Nictuku]

3. Sage Advice

You can tell a lot about something in its name. I was warned, when I was younger, that if a town needs to name itself Pleasant Valley, it most likely is not very pleasant.

Same thing with Truth Social.

Now Stable Coin? It will probably be the opposite of stable.

[no_hypocrisy]

4. Wouldn't this make crypto a legitimate underground currency?

That competes with the legal tender circulated by the Department of Treasury?

[Fiendish Thingy]

5. How many Dems voted for the bill?

Had quite a few vote for the last crypto bill.

[in2herbs]

7. Here are their names:

Per Indivisible Guide’s post on Blue Sky, May 20, 2025 at 5:20 AM, here are the 16 Dems who voted to pass F47’s crypto bill.

Alsobrooks
Blunt Rochester
Booker
Cortez Masto
Fetterman
Gallego
Gillibrand
Hassan
Heinrich
Lujan
Ossoff
Padilla
Rosen Schiff
Slotkin
Warner

[Fiendish Thingy]

15. Mm hmph- Money talks

Wonder how much it cost the crypto boys to buy these Dems votes?

I’m particularly disappointed in Ossoff.

[AZProgressive]

18. This may be why Gallego voted for it

From February 7th, 2025

Dem Overseeing ‘Digital Assets’ to Hold Luxury Retreat With Crypto Kingpin


Freshman Arizona Sen. Ruben Gallego was recently named the top Democrat on the Senate Banking Committee’s new subcommittee on “digital assets,” which will oversee cryptocurrencies. Next month, Gallego will hold a ritzy donor retreat alongside one of the crypto industry’s biggest cheerleaders and investors, Marc Andreessen.

(snip)

The invite suggests donations of $5,000 to attend the retreat, which is set to take place over three days at the luxury oasis L’Auberge de Sedona. (The cheapest accommodation available for out-of-state visitors that weekend, according to the resort’s website, is $1,809 per night, with a two-night minimum.) Donations will benefit Gallego’s leadership PAC, called Juntos PAC.

(snip)

A crypto industry Super PAC called Protect Progress spent $10 million boosting Gallego’s 2024 Senate campaign. Protect Progress and its parent organization, Fairshake, received $138 million last election cycle from Andreessen, co-founder Ben Horowitz, and their firm, which has invested in crypto for years and lobbies extensively on crypto issues.

“The crypto industry has very quickly become one of the major players in the campaign finance system, and crypto money has been deployed in very aggressive and strategic ways,” says Brendan Fischer, a campaign finance lawyer and deputy executive director at the watchdog group Documented. “Throughout the 2024 cycle, we saw crypto money deployed to take out crypto critics and support crypto backers, and this might be an indication of how crypto not only attacks its enemies, but also also rewards its friends.”

https://www.rollingstone.com/politics/politics-features/ruben-gallego-crypto-digital-assets-andreessen-yglesias-1235260013/

[Fiendish Thingy]

20. OK, now we know Gallego's price

Wonder how much the others got.

[Passages]

6. They were warned and warned.

Joseph Stiglitz: 'We should shut down the cryptocurrencies'

CNBC
https://www.cnbc.com › 2019/05/02 › joseph-stiglitz-w...
May 6, 2019 — Joseph Stiglitz, a Nobel-Prize winning economist, says cryptocurrencies should be shut down. He worries that they enable illicit activity by making money ...

[pcdb]

8. "He worries that they enable illicit activity by making money transactions less transparent.""

https://www.cnbc.com/2019/05/02/joseph-stiglitz-we-should-shutdown-the-cryptocurrencies.html

I don't know why anyone would want to give the government full visibility into every transaction we make. It's no one's business how I spend my money.

[hatrack]

10. Like when you're procuring sex with children, or buying full-auto rifles, or hiring a hitman . . . .

Or purchasing VX precursors, or truckload quantities of ANFO or RPGs, or fentanyl?

Yes, how dare anyone question your right to buy any little thing your heart desires?

[Passages]

16. It is not just your business how money is spent.

AI Fueling Crypto Fraud and Cybercrimes, Experts Warn

BlockTribune
https://blocktribune.com › ai-fueling-crypto-fraud-and-...
May 6, 2025 — On Friday, April 25, 2025, Law360 reported that artificial intelligence is intensifying both cybercrime and efforts to counter it, ...

[ForgedCrank]

9. I think some

of them are missing the whole point.
For the moment, set aside the people who buy crypto stuff for day-trading purposes. That is not the primary intent for crypto currency. The reason it was created in the first place was to be able to buy and sell without governments being able to snoop on you and monitor what you are buying/selling. NO ONE is going to use a crypto currency that the government is operating.

[sakabatou]

11. Make Tulips Great Again!

GFDI....

[oasis]

12. Klepto!

[Jack Valentino]

14. I have dabbled in cryptocurrency, but I don't understand what this supposedly does

which would benefit the crypto-currency world....

All I know about "stable-coins" is that they are sometimes used as a medium of exchange,
for the purpose of moving funds between one broker and another,
who may not want to use the US dollar for those purposes, for whatever reason...

I had to convert to one when trying to cash out a position last year, which was held in a "Trustwallet",
but had to be moved to a broker who bought/sold that coin, converted to a stablecoin,
and then transferred to a different broker who would cash out in US dollars to my American bank account.
(and each of those steps cost me a rather hefty commission)...


Anyway, can anyone give me an intelligent answer oh how passage of this bill
would be 'a victory for the crypto-currency world' ?

[Vinca]

17. It's only a matter of time before "2008 the Sequel" happens and now taxpayers are on the hook.

[hatrack]

19. Especially given that this POS bill makes crypto holders whole before the rest of us when banks fail.

Great fucking idea, huh?