🚨 BREAKING: Senate Stablecoin Vote TOMORROW! Trump-Backed Bill Faces Make-or-Break Moment 🔥

🔍 Quick Take:

The U.S. Senate will hold a critical vote on June 12 (Wednesday) to advance the GENIUS Act—a landmark stablecoin bill backed by President Trump and the crypto industry. If passed, it could become law within days .

💡 What’s in the Bill?

1. Federal Framework for Stablecoins

- Creates first-ever U.S. rules for dollar-pegged stablecoins (e.g., USDT, USDC).

- Issuers must hold 100% reserves in cash/short-term Treasuries .

- Mandates monthly audits, anti-money laundering (AML) checks, and power to freeze criminal transactions .

2. Who Can Issue?

- Banks AND non-banks (e.g., tech firms) under federal or state oversight .

- Banned: Paying interest to stablecoin holders .

3. Trump’s Role

- Bill excludes presidents from ethics rules banning crypto ventures—letting Trump profit from his $2B+ "Trump Coin" .

- Democrats tried to block this loophole (failed) .

⚠️ Controversies Exploding

- Elizabeth Warren RAGES: “A gift to criminals and Trump!” Claims bill enables terror financing and presidential corruption .

- Credit Card War: Hidden provision forces Visa/Mastercard to open networks to rivals—slashing merchant fees .

- Bankers Panic: Fear stablecoins will drain deposits, hurting loans for small businesses .

🗳️ Who’s Fighting?

- ✅ Supporting: 16 Democrats + GOP (bipartisan deal).

- ❌ Against: Progressive Dems + 2 GOP hardliners (Rand Paul, Josh Hawley) .

Industry Power Play: Crypto super PACs spent $130M+ in 2024 elections to push this . Coinbase CEO: “Anti-crypto politicians end their careers” .

🌎 Global Impact

- U.S. stablecoins = $232B market (70% of crypto transactions) .

- If passed, U.S. could rival EU’s MiCA law—attracting billions in institutional cash .

⏭️ What’s Next?

1. Wed Vote: Needs 60 senators to pass.

2. House Fight: Must reconcile with stricter House bill (STABLE Act) .

3. Trump’s Desk: Could sign by July .

💬 Binance Square Verdict:

This isn’t just about crypto—it’s a political nuke. Win or lose, the GENIUS Act proves crypto is now too big to ignore. Stay tuned!

#Stablecoin #GENIUSAct #CryptoRegulation #Trump #BinanceSquare

$USDC