Senator Bill Hagerty, one of the sponsors of the GENIUS stablecoin act, remains upbeat that the bill will pass Senate approval next week.
On Friday, he released a statement with co-sponsor Kirsten Gillibrand, expressing optimism that the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, up for debate and deliberation on May 19, will gain bipartisan support.
Senator Hagerty announced that the Senate is set to make history in the coming week by debating and approving the GENIUS Act, which aims to create the first regulatory framework focused on supporting growth for payment stablecoins.
History on Course Amid Draft Amendment
On May 8, the GENIUS Act faced a major hurdle in Congress, failing to meet the 60 votes required for cloture. 49 votes stood against progressing the proposal for final passage, with 48 favoring the course.
Some notable loopholes Democrats identified that caused their change of disposition toward the bill include the current text’s unclear provisions on anti-money laundering, foreign stablecoin issuance, and customer protection.
Meanwhile, bipartisan efforts to amend the GENIUS Act texts are ongoing, FOX Business journalist Eleanor Terret confirmed Thursday. The new draft making the rounds includes alterations on customer protection, bankruptcy, and ethics.
For context, the amendments prevent Big Tech firms like Meta or Google and special government employees like Elon Musk from venturing into stablecoin issuance. Furthermore, there are speculations about an amendment giving stablecoin holders exceptional treatment in the case of bankruptcy filings.
With the bipartisan efforts ongoing, Senator Hagerty has expressed optimism that the GENIUS Act will advance next week. He again sold the bill in the post, noting that stablecoin legislation would increase the US dollar’s dominance and demand for US Treasuries while ensuring that digital asset innovations thrive in the United States...
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$PEPE PLUNGING DEEPER – Bearish Momentum Building Fast!
{spot}(PEPEUSDT)
$PEPE is now trading at 0.00001224, breaking below critical support near 0.00001260 and tapping a fresh low at 0.00001204. Sellers are pressing hard, and if bulls don’t step in soon, another leg down is likely.
📊 Key Levels to Watch:
🔺 Resistance: 0.00001260 – Repeated rejections hint at exhaustion in upside attempts
🔻 Support: 0.00001200 – If broken, expect further weakness toward next zones
🎯 Trade Setup:
📉 Bearish Targets:
1️⃣ TP1: 0.00001190
2️⃣ TP2: 0.00001150
💡 Stop-Loss: Above 0.00001260 to limit risk in case of a sudden reversal.
Over 60% of order flow still favors buyers, but price action tells a different story—momentum clearly leans bearish right now.
Binance technical analysis post for $PROM
{spot}(PROMUSDT)
/USDT, including entry level, two targets, and a stop loss:
$PROM /USDT Technical Setup
Chart: 15m timeframe
Current Price: 5.495 USDT
PROM is showing a steady upward trend with higher lows forming on the 15-minute chart. Momentum is gradually picking up, hinting at a possible breakout above the minor resistance.
Entry Level: 5.50 USDT
Target 🎯 1: 5.65 USDT
Target 🎯 2: 5.80 USDT
Stop Loss: 5.42 USDT
Structure is holding strong above 5.48—if bulls maintain pressure, a breakout could lead to the next resistance zones.
Stay sharp. Always manage risk.
#Binance #PROM #CryptoTrading #TechnicalAnalysis #Altcoinseason2024 #PROMUSDT #BreakoutAlert
Recent speculations that #Cardano native token holders are not eligible for the Midnight drop have drawn a reaction from Charles Hoskinson.
The Cardano founder responded to a tweet suggesting that holders of tokens native to the Cardano ecosystem would not receive the highly anticipated drop. He quoted the tweet and responded with a video of himself sighing at the rumors.
Midnight Airdrop for All
While he did not explicitly debunk the speculations, his response in the video clearly shows his frustrations. Notably, the Midnight airdrop aims to reward legitimate contributions to the Cardano ecosystem.
Meanwhile, Rami, a core contributor to the SNEK meme coin project and a prominent figure in the Cardano system, reacted to Hoskinson’s tweet. He suggested that holders of other Cardano-native tokens qualify as much as ADA holders for the Midnight drop, which aims to reward participation in the ecosystem’s well-being.
Nonetheless, Hoskinson had earlier disclosed that holders of tokens in other major chains would also participate. Bitcoin, Ethereum, XRP, Solana, and BNB holders, among others, would receive the airdrop.
Further Midnight Airdrop Details
The upcoming airdrop would see the Cardano ecosystem distribute two tokens to holders. Eligible participants will receive NIGHT, the governance token of the Midnight protocol, and DUST, a non-transferable token used for privacy transactions.
Further, over 37 million wallets will participate in the airdrop, also known as the “Glacier Drop.” The team’s choice of a multi-chain airdrop aims to drive a broader spectrum of adoption and cross-chain engagement.
Meanwhile, the exact date for the drop remains unconfirmed. The Cardano Midnight team stated that the airdrop will happen in 2025 but has not confirmed exactly when.
Midnight is a data protection and privacy protocol built as a sidechain on Cardano. Hoskinson has teased that the technology will make Cardano a multichain network, allowing interoperability with other chains.
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