U.S. Stablecoin Bill Inches Forward—Finally! Senate Democrats, after months of hand-wringing and a healthy dose of finger-pointing, have dropped their opposition to the GENIUS Act—because apparently regulating a trillion-dollar asset class was just too soon until now.
The bill demands stablecoins be backed 1:1 with real dollars (no Monopoly money), forces monthly reserve disclosures, and—thankfully—bans tech giants from launching the next ZuckerBuck. And what broke the deadlock? Oh, just a tiny scandal involving Trump's son-in-law and $2 billion from Abu Dhabi. Nothing to see here!
After all this, the bill passed a procedural vote 66–32. Progress? Yes. Fast? Not quite. But hey, in U.S. politics, a glacial shuffle counts as a stampede.
So bravo, Senate. You’ve managed to do the bare minimum—eventually.