Ah, the venerable United States Senate, that noble assembly of wisdom and wit, has graciously bestowed its approval upon the GENIUS Act with a convincing 68 to 30 vote on Wednesday, June 11. One might say they gathered across party lines—imagine that!—to tame the wild beast of the stablecoin market, now surpassing a staggering $254 billion in market capitalization. Truly, democracy and dollars in perfect harmony. 💸✨
With the Senate’s decisive “cloture,” the debate is now as firmly limited as a bowler’s stance, paving the way for the final verdict in the coming days—perhaps early next week, as we all eagerly await the next chapter in this grand saga of financial fascination.
Invoked, 68-30: Motion to invoke cloture on Hagerty substitute amendment #2307 to Cal. #66, S.1582, GENIUS Act.
— Senate Cloakroom (@SenateCloakroom) June 11, 2025
Why the GENIUS Act Matters a Ton in the U.S. History
Scott Bessent, the 79th Secretary of the Treasury (doesn’t that sound illustrious?), claims that these U.S.-dominated stablecoins might just be the secret sauce to keep the dollar at the top of the global currency buffet. Given the intense pressure on the dollar’s supremacy, this Act is poised to be the financial equivalent of a superhero swooping in just in time—cape and all.
The Federal Reserve, no stranger to innovation (or confusion), sees stablecoins as a fresh way to stir up some friendly competition in the payment sector. Meanwhile, the stablecoins that bow to the U.S. dollar continue to organically boost the demand for US treasuries and bonds—because what’s better than a little old-fashioned monetary love? 💖💼
Expected Impact on Crypto
Prepare yourselves for a seismic shift—imagine the crypto market as it’s been on a rollercoaster, and the GENIUS Act is the new thrill. This legislation promises to inject long-term impact, with the U.S. economy accounting for nearly a quarter of global activity, so it’s basically the crypto world’s new best buddy (or so we hope). 🚀
More institutional love for stablecoins? Check. Greater crypto liquidity? Double check. The future of finance might just look a lot more… stable—and perhaps a tad more sarcastic. 😉
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2025-06-12 00:22