Cryptocurrency Report:
The "Genius Act" is widely regarded as an important piece of legislation to alleviate regulatory pressure on cryptocurrencies. Coinbase CEO Brian Armstrong made significant breakthroughs in U.S. crypto legislation this week and is optimistic about the upcoming developments.
In the past 24 hours, the digital asset market has performed strongly, with Ethereum, the largest altcoin, rising by 22%. The total market capitalization of the cryptocurrency market has increased by over 5% in the past day, reaching $3.25 trillion. Market sentiment has entered the "greed" zone, with 24-hour trading volume soaring by 72% to $190 billion.
Is the "Genius Act" close to a vote?
In a post on the X platform, Brian Armstrong mentioned that the market structure draft of the "Genius Act" has been introduced and is currently under discussion. He also revealed that bipartisan work surrounding Stablecoin legislation is ongoing, with another vote expected early next week.
He emphasized that the "Cryptocurrency Day" event on May 14 will take place in Washington, D.C., where over 60 crypto founders will gather to voice support for crypto legislation.
Armstrong expressed excitement about the Senate's upcoming vote on Stablecoin legislation. He considers this the first round of negotiations, but the bill still needs further refinement, such as addressing issues related to yield and interest prohibitions. He anticipates that the "Genius Act" will pass with bipartisan support, bringing it closer to presidential approval.
Despite heavyweight figures in the crypto industry investing $119 million to support pro-crypto candidates and pushing for stablecoin regulations in last year's election, the Senate has hit the brakes at a critical moment.
After the rise of Trump's crypto empire, the Senate blocks the stablecoin bill.
Only 49 senators voted in favor of advancing the "Genius Act," far below the required 60 votes. Surprisingly, Republican senators Josh Hawley and Rand Paul crossed party lines to team up with Democrats in blocking the bill's passage. Senator Mark Warner, who initially supported the bill, also withdrew his support, stating that the text of the bill is not yet fully matured.
