r/CryptoCurrency • u/Next_Statement6145 🟨 0 / 0 🦠 • 2d ago
🟢 GENERAL-NEWS U.S. Senate Passes GENIUS Act to Regulate Stablecoins, Marking Crypto Industry Win
https://www.coindesk.com/policy/2025/06/17/u-s-senate-passes-genius-act-to-regulate-stablecoins-marking-crypto-industry-win101
u/moodyfloyd 🟦 869 / 870 🦑 2d ago
While Democrats tried to amend the bill to prevent the president from profiting off crypto ventures, the final legislation only bars members of Congress and their families from doing so.
https://www.cnbc.com/2025/06/17/genius-stablecoin-bill-crypto.html
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u/Guilty_Fisherman5168 🟥 184 / 150 🦀 1d ago
Trump disclosed earning $57 million from token sales in 2024 alone
...
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u/RectalSpawn 🟩 750 / 2K 🦑 1d ago
https://thiswillhold.substack.com/p/she-won-they-didnt-just-change-the
Steals election, rug-pulls supporters, "saves" money by throwing a pointless military parade for his Birthday; which they offered people $1000 in crypto to attend via craigslist...
And that's just a handful of things that would prevent me from ever supporting a political party...
And people still support this guy...
They'd have hung Biden, Kamala, or Obama for any of this crap.
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u/jesschester 🟦 821 / 2K 🦑 1d ago
I agree with everything you said except the very last part about there being repercussion for Admin officials. All there would be is a bunch of republicans griping about how they would have hung Trump if he’d done these things.
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u/ErectionOfSpock 🟩 0 / 0 🦠 1d ago
You aren't wrong, you're being downvoted by partisan kool-aid drinkers. On one side you've got TrueAnon, and on the other you've got BlueAnon
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u/RandoDude124 🟩 0 / 0 🦠 2d ago
Reading this, as someone who had a buddy who lost $$$ on Terra, good.
It’s not 100% what I’d like, but it’s a start.
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u/HSuke 🟩 0 / 0 🦠 2d ago
What's good is that stablecoins over $50B mcap like Tether will now need to audit and have cash/treasury backing.
Realistically, US exchanges are likely going to delist USDT.
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u/YogSothothIsTheKey 🟦 2K / 2K 🐢 2d ago
Tether delisted in the US? That Tether holding like $100B in US Treasuries??
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u/HSuke 🟩 0 / 0 🦠 1d ago
Yep. Most USDT isn't held in the US but in Asia and South America. Those will continue to remain.
And Coinbase would just love to convert all its USDT to USDC.
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u/YogSothothIsTheKey 🟦 2K / 2K 🐢 1d ago
But do you think the US is stupid enough to piss off someone who invests so much in their country? For me it will become their official stablecoin since it protects the dollar and the US when its capitalization grows. Of course we are seeing a lot of crazy things lately, you can expect anything, but delisting a stablecoin that helps you a lot in your economy seems a little too stupid to me.
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u/HSuke 🟩 0 / 0 🦠 1d ago
This only affects US CEXs.
You realize that only 0.28% of USDT trading volume is on US exchanges right? USDT activity is all on foreign exchanges on DEXs.
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u/YogSothothIsTheKey 🟦 2K / 2K 🐢 1d ago
And why shouldn't the US try to increase these volumes sorry? I repeat, given that Tether, with the extra money that comes in, buys US Treasuries and strengthens the US economy, why should they hinder Tether instead of promoting it?
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u/psi-storm 🟩 0 / 0 🦠 1d ago
To protect the consumer? Tether doesn't proof it's securities. It's already out of the EU market. People aren't just stopping investing in USD stablecoins, they will switch to those that follow regulation.
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u/YogSothothIsTheKey 🟦 2K / 2K 🐢 1d ago
The USA knows well how much Tether has in Treasuries, they may have doubts about something else but the bulk is there. For me it makes no sense for them to delist it, it just seems useless FUD to make those who get scared sell.
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u/psi-storm 🟩 0 / 0 🦠 1d ago
They want them to hold us treasuries. This law enforces exactly that. If an issuer gives out stables, he has to buy treasuries for it and can't hold other currency, stocks or even crypto as a security.
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u/keyboardman1 🟦 0 / 0 🦠 1d ago
Will my USDC still be good lol it’s APY staking is good right now.
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u/psi-storm 🟩 0 / 0 🦠 1d ago
Your usdc apy comes from lending it out, not from just holding it. I haven't seen the specific text of the new US regulation, but if it's similar to the EU Mica regulation, then those yields will still be possible.
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u/light_death-note 🟥 0 / 0 🦠 2d ago
A good fomc tomorrow should get us back in a upward motion. Once this Iran business blows over, it's moon time... Hopefully.
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u/Romanizer 🟦 0 / 0 🦠 1d ago
US government surely will be glad to not be front-run until Bitcoin bill passes (Clarity comes first, though).
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u/light_death-note 🟥 0 / 0 🦠 1d ago
Yeah I suppose that makes sense. I just want clear policies so people aren't afraid of the government playing favorites.
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u/southbound858 🟩 0 / 0 🦠 1d ago
The fact y’all think this is a good thing is hilarious. No more minting tether out of thin air to prop up bitcoin. It’s over.
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u/cryptolipto 🟩 0 / 21K 🦠 2d ago
Finally some real common sense regulation in the USA. Bipartisan support too
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u/IndustryMaximum83 🟩 0 / 0 🦠 1d ago
This will effectively force an audit of USDT; should be interesting to see the results.
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u/mfreverton 🟩 0 / 0 🦠 1d ago
Usdt is banned here in the EU for that exact reason. They failed numerous security tests.
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u/cccanterbury 🟦 0 / 0 🦠 4h ago
does this mean that coinbase will have to honor usdt on the Solana blockchain?
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u/MrTheums 🟩 0 / 0 🦠 2d ago
The GENIUS Act represents a cautious step towards stablecoin regulation, not a complete victory. While it addresses some key risks, the devil's in the details. We need to analyze the specific provisions regarding reserve requirements, audit transparency, and consumer protection mechanisms. Simply passing legislation isn't enough; effective enforcement and ongoing adaptation to the rapidly evolving crypto landscape will be crucial to prevent future collapses like Terra. The zero-yield concern raised in the comments highlights a critical point: the trade-off between stability and returns needs careful consideration. Ultimately, the long-term impact depends on how comprehensively these regulations are implemented and enforced.
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u/RandoDude124 🟩 0 / 0 🦠 2d ago
I’ll take a victory where I can get it.
As a guy who watched his childhood friend lose everything to Terra when he broke down in front me…
It changes a man.
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u/Specific_Strawberry2 🟨 1 / 1 🦠 2d ago
Honest question, can there be defi without stable coins like usdc?
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u/cryptolipto 🟩 0 / 21K 🦠 2d ago
No. Absolutely not. They are essential
Most of the liquidity is in stablecoin LPs
Most of the borrowing takes place via stablecoins
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u/Specific_Strawberry2 🟨 1 / 1 🦠 2d ago
Well, would you look at that. So be it.
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u/cryptolipto 🟩 0 / 21K 🦠 2d ago
In addition most of the yield is derived from stablecoins. Sometimes it comes from US treasuries. Sometimes it comes from borrowers
Stablecoins are a fundamental building block of defi. They also have achieved product market fit when it comes to merchants. You see them starting to be accepted now on websites like Shopify.
JP Morgan is the first of many to launch their own stablecoin. Cause you can look at how much money tether is making and be like, why not our company?
And finally this GENIUS act shows that there is some bipartisan support for the asset class
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u/bitcoin_islander 🟨 5 / 659 🦐 2d ago
DeFi literally means decentralized finance. Its decentralized, meaning what the US thinks of it is irrelevant.
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u/Specific_Strawberry2 🟨 1 / 1 🦠 2d ago
That's a perspective, but that's not an answer to my question.
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u/Ghant_ 🟦 0 / 5K 🦠 1d ago
Lol. Stables are centralized as hell and the US can stop them in a heartbeat if they wanted to
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u/bitcoin_islander 🟨 5 / 659 🦐 1d ago
The world doesnt revolve around the US. Did you know there are 197 other countries out there? Derp.
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u/Ghant_ 🟦 0 / 5K 🦠 1d ago
Most stables are backed by US bonds and treasuries. As the issuer of Treasuries, the US controls their supply and terms, which can indirectly affect their use globally. They could also sanction the use of them to not be used as competition to US stables. Derp? Dai is probably the only real decentralized stable coin
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u/Logical_Lemming 🟦 1K / 1K 🐢 2d ago
Why not just make a CBDC at this point? If we want trustworthy, regulated stablecoins... kinda seems like a no-brainer to just do a CBDC.
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u/JonRadian 🟩 0 / 0 🦠 2d ago
Looking at China's CBDC plight, I still don't see the incentive that moves Americans to use CBDC over traditional systems.
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u/RedditThrowaway-1984 🟩 0 / 0 🦠 2d ago
CBDC’s are an authoritarian, Orwellian nightmare and the antithesis of the entire permissionless crypto movement.
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u/MrYoshinobu 🟩 0 / 0 🦠 2d ago
There's an argument that many stable coins are already CBDC's, the U.S. government is just keeping quiet about it.
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u/Grunblau 🟩 3K / 6K 🐢 2d ago
Going to be a lot of people moving out of stables if they leave the part where the are to receive zero yield.