Trump’s Crypto Czar Claims GENIUS Act Will Pass – Is This the Future of Money? 💰

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In a world where the White House has appointed an AI and Crypto Czar (yes, you heard that right), David Sacks has declared that the Trump administration is positively brimming with optimism about the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act. Apparently, it’s moving through the Senate like a particularly enthusiastic snail after a rainstorm, regaining momentum and bipartisan support. 🐌💨

Stablecoin Regulation To Unlock Trillions Of Dollars

On a fine Wednesday, Trump’s Crypto Czar, in a moment of sheer confidence, told CNBC that they are “positive” about the GENIUS Act advancing. He even went so far as to say they have “every expectation now that it’s going to pass.” This is after the stablecoin legislation managed to pass the Monday cloture motion with “significant bipartisan support.” Who knew politics could be so… supportive? 🤔

However, the GENIUS Act faced a second cloture motion at the start of the week, following an unsuccessful procedural vote two weeks prior, where it only managed to scrape together 49 out of the 60 votes needed to advance to an open floor debate. Talk about a nail-biter! 🥴

As reported by Bitcoinist (because who doesn’t love a good Bitcoin gossip?), the bill, sponsored by Republican Senator Bill Hagerty, failed to pass the cloture motion due to some Democratic concerns. This led to several lawmakers, including two Republican senators, deciding to withdraw their support faster than you can say “crypto corruption.”

But fear not! The legislation regained momentum last week, with bipartisan efforts attempting to revive the bill before the Memorial Day recess. The Monday procedure saw 15 Democratic senators vote to pass the amended bill with a total of 66 favorable votes. It’s like watching a soap opera, but with more money involved! 💵

In the interview, Sacks confidently stated that “Stablecoins offer a new, more efficient, cheaper, smoother payment system — new payment rails for the U.S. economy.” He also added that it extends the dominance of the dollar online. Because who doesn’t want more dollar dominance? 💪

He noted that the sector already has over $200 billion in stablecoins, despite being unregulated. This suggests that clear regulations could significantly increase the market. “If we provide the legal clarity and legal framework for this, I think we could create trillions of dollars of demand for our Treasuries practically overnight, very quickly,” Sacks affirmed. Sounds like a get-rich-quick scheme, doesn’t it? 😏

GENIUS Act Prepares For Amendment Process

On Wednesday, Senators voted on the motion to proceed to formal debate on the GENIUS Act, passing with a 69-31 vote. Now, the bill advances to the amendment process to address key concerns from both parties. Because what’s a bill without a little bit of amendment drama? 🎭

It’s worth noting that the bill underwent various amendments to tackle Democratic senators’ concerns, including stricter requirements for stablecoin issuers and Anti-Money Laundering (AML) provisions before the first cloture vote. Because who doesn’t love a good regulatory hurdle? 🏃‍♂️💨

However, ten senators, including four Democrats who previously supported the bill, criticized the first revised version of the legislation, suggesting the draft omitted essential AML and national security safeguards. It’s like a game of political hot potato, but with more at stake! 🥔

Similarly, Senator Elizabeth Warren raised concerns about the president’s crypto ventures and urged Congress to reject the stablecoin bill, claiming it could pave the way for alleged “crypto corruption.” Because nothing says “trustworthy” like a little bit of skepticism! 🙄

Despite going through more amendments last week, Democrats released an analysis about the legislation’s new version, alleging that “many of the new changes are fig leaves for significant flaws that jeopardize consumer protection and national security.” It’s like putting a fancy bow on a questionable gift! 🎁

The White House Crypto Czar didn’t answer CNBC’s questions related to the concern from Senate Democrats regarding the bill’s safeguards to prevent the presidential family from profiting from the stablecoin legislation. But hey, who needs transparency in politics, right? 🤷‍♂️

As CNBC noted, Republican Senator Roger Marshall filed to add a “poison pill” amendment that would set price controls on credit card interchange fees and mandate that banks support multiple network options for processing transactions. Because nothing says “fun” like a legislative poison pill! 💊

Nonetheless, the potential amendment has faced backlash as Senator Thom Tillis has warned that he would withdraw his support for the GENIUS Act if the Credit Card Competition Act (CCCA) is attached to the stablecoin legislation. It’s like watching a political soap opera unfold, complete with cliffhangers! 📺

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2025-05-23 12:31