The GENIUS Act, the stablecoin bill that everyone thought would ease the crypto rules, has stumbled hard in the US Senate. However, Coinbase CEO Brian Armstrong sees great progress in the US crypto legislation this week and expects more to come next.
The digital assets market printed huge green indexes in the past 24 hours as the biggest altcoin, Ethereum, led the way with a 22% surge. The cumulative crypto market cap jumped by more than 5% over the last day to stand at $3.25 trillion. Its 24-hour trading volume spiked by 72% to hit $190 billion as market sentiments enter the “Greed” territory.
GENIUS Act nears floor vote?
Brian Armstrong in an X post highlighted it’s a headway that market structure draft legislation got introduced and is being discussed. He added that bipartisan work is going on to bring stablecoin legislation to the floor and suggested that there might be a vote again early next week.
He mentioned that Stand With Crypto day is happening on May 14th, where over 60 crypto founders will assemble in Washington DC to make their voices heard in support of crypto legislation.
Coinbase CEO stated that it’s good to see the Senate voting on stablecoin legislation. It was the first round of the negotiation and he believes that the bill still needs some work, like fixing the prohibition on yield and interest. He anticipates that the GENIUS Act will be one step closer to the President’s desk with a strong bipartisan vote.
Despite crypto industry heavyweights pouring $119 million into last year’s elections to back pro-crypto candidates and hyping stablecoin rules as a bipartisan no-brainer, the Senate managed to slam the brakes.
Senate blocks stablecoin bill after Trump crypto empire boom
Only 49 senators voted to move the GENIUS Act forward which is well short of the 60 needed. A shocker came in when GOP Senators Josh Hawley and Rand Paul crossed party lines to block it with the Democrats. Senator Mark Warner, who originally backed the bill, pulled the plug saying the text wasn’t fully finished.
After Trump’s World Liberty Financial revealed USD1 would be a big tool used in a $2 billion Abu Dhabi investment into Binance, Senate Democrats hit the panic button. Suddenly, talk of foreign money and anti-money laundering gaps took center stage. Senate Dems accused Republicans of stonewalling tougher safeguards on foreign-backed stablecoins. With that, the bill’s momentum collapsed.
Trump backed stablecoin, USD1, is hitting the highway. The market capitalization of Trump’s World Liberty Financial’s stablecoin has grown from $130 million to over $2 billion since the end of April. USD1 is already standing tall in the tally of the stablecoins. Recently, it overtook the First Digital USD (FDUSD) and PayPal USD (PYUSD) to become the 7th biggest stablecoin.
On the other side, OFFICIAL TRUMP (TRUMP), his meme coin has surged by over 15% in the last 24 hours and 85% in the past 30 days. TRUMP is trading at an average price of $14.24 at press time. Its 24-hour trading volume is up by a massive 144% to stand at $2.39 billion. Meanwhile, roughly 80% of the TRUMP token supply is controlled by the Trump Organization and affiliates.
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