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🚨 GENIUS Act stablecoin bill achieves final passage in the U.S. Senate in bipartisan vote of 68-30 (including 18 democrats) we expect it to ultimately pass the House and hit the President's desk by Aug recess, though could be a lil bumpy senate vote tally below 👇
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should i: a) drink this tonight b) wait until $120k c) hodl and resell in a few years
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WSJ reported today that Amazon and Walmart were “exploring issuing their own stablecoins” this story is extremely misleading because it omits the *crucial* fact that the GENIUS Act explicitly prohibits non-financial pubcos from issuing! see §4(a)(12), which sets an extremely high bar for such a non-financial company to meet to gain an exemption — such a high bar to as likely be impossible. (see highlight in second image). they could certainly *use* stables, but very most likely impossible for them to issue feels like WSJ should have mentioned that, especially since the story impacted markets a fair amount today 🤔
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bitcoiners spotted this morning at coinbase’s state of crypto conference in NYC @MichaelRihani @frankcorva @satsie @Nneuman @RussellOkung @sprainhill @natbrunell @ejuline @nico_lechuga @aubreystrobel @neha
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after the GENIUS Act vote at ~2pm today, 30 hours of floor debate kicked off on stablecoins in the senate.. all day it’s been a parade of democrats criticizing the bill for enabling “trump’s crypto corruption” but this is political theater that is intentionally misleading 👇
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