Senate Passes Stablecoin Bill In Major Win For Crypto Industry (coindesk.com)
- Reference: 0178081307
- News link: https://slashdot.org/story/25/06/18/0036236/senate-passes-stablecoin-bill-in-major-win-for-crypto-industry
- Source link: https://www.coindesk.com/policy/2025/06/17/u-s-senate-passes-genius-act-to-regulate-stablecoins-marking-crypto-industry-win
> As written, the bill would set up guardrails around the approval and supervision of U.S. issuers of stablecoins, the dollar-based tokens such as the ones backed by Circle, Ripple and Tether. Firms making these digital assets available to U.S. users would have to meet stringent reserve demands, transparency requirements, money-laundering compliance and regulatory supervision that's also likely to include new capital rules. "This is a win for the U.S., a win for innovation and a monumental step towards appropriate regulation for digital assets in the United States," said Amanda Tuminelli, executive director and chief legal officer of the DeFi Education Fund, in a similar statement. [...]
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> While this is the first significant crypto bill to clear the Senate, it's also the first time a stablecoin bill has passed either chamber, despite years of negotiation in the House Financial Services Committee that managed to produce other major crypto legislation in the previous congressional session. The destiny of the GENIUS Act is also tied closely to the House's own Digital Asset Market Clarity Act, the more sweeping crypto bill that would establish the legal footing of the wider U.S. crypto markets. The stablecoin effort is slightly ahead of the bigger task of the market structure bill, but the industry and their lawmaker allies argue that they're inextricably connected and need to become law together. So far, the Clarity Act has been cleared by the relevant House committees and awaits floor action.
[1] https://www.congress.gov/bill/119th-congress/senate-bill/1582/text
[2] https://www.coindesk.com/policy/2025/06/17/u-s-senate-passes-genius-act-to-regulate-stablecoins-marking-crypto-industry-win
Re: (Score:2)
You are missing a word there, likely on purpose.
We are a Constitutional democratic republic.
So what happened with the direct banking scheme? (Score:1)
At one point they planned to replace credit card transactions and their associated fees with an ecommerce direct banking system. Sounds like a better plan than making a whole new payment system based on bitcoin like systems.
the scam (Score:2)
I admit I haven't read the legislation but here's my speculation.
You give someone your real money, and they give you some kind of digital tokens that people have to believe represent the real money. And then you can trade that around with those faithful folks to your heart's desire. The transactions are relatively cheap on both ends.
Meanwhile that entity possesses your real money and can invest it in something that generates real income. Heck, money markets yield more than 4% these days. Amazon will sell th
Re: (Score:1)
If you don't believe crypto currency is "real money", then you must also believe that internet photos aren't "real photos" and that internet music isn't "real music". A thing is defined by what it affects. The effect of crypto for me is that I can now comfortably retire at a young age because of it. You may not think crypto is real, and that's you're right, but consider the possibility that you might be wrong.
noo, my chase sapphire points! (Score:2)
congress keeps pushing for Credit Card Competition Bill to kill all credit card rewards programs. f those assholes.
Re: (Score:1)
Totally agree.
Fuck those assholes.