Crypto’s at a crossroads! The U.S. Senate’s GENIUS Act, aimed at regulating stablecoins, imploded in a 48-49 vote on May 12 after Dems, led by Elizabeth Warren, slammed Trump’s crypto ventures and lax AML rules. Now, a revised draft has Sens. Warner and Warren backing a new push, with a Senate vote possibly hitting next week
The Stakes:
Stablecoin Trust: Mandates 1:1 backing and Fed oversight for $USDT, $USDC—potentially skyrocketing adoption.
DeFi’s Future: Balanced rules could draw billions, but heavy-handed regs might choke innovation.
Political Fire: X is ablaze—some cheer the delay as a dodge of Trump’s $TRUMP coin influence, others cry sabotage of U.S. crypto dominance.
$BTC ’s at $104K and $ETH at $2.5K on Binance—trade the volatility as the Senate dukes it out! 📈 Bullish on stablecoins or bracing for a crackdown? Sound off below! 👇
#GENIUSAct #StablecoinDrama #Binance
DYOR: Crypto and politics are a wild ride!
Sources: coindesk.com, conference-board.org, decrypt.co, congress.gov, banking.senate.gov, X posts
