You Won’t Believe Why Trump’s Crypto Bill Could Crash and Burn 🚀🔥

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  • The Senate Democrats took one look at the GENIUS Act and—shockingly—vowed to oppose it. 
  • Consensus? Like a unicorn in a drought year. The stablecoin bill’s path forward is bumpier than a tractor road. 

In the hallowed, echoing halls of the U.S. Senate this fine week, the fate of the stablecoin bill hangs in the air like dust on a California wind. Thursday’s vote appeared certain, but certainty is but a fool’s comfort.

Senators Warren and Gallego—tough as sunbaked boots—put their foot down and wouldn’t budge unless the GENIUS Act started carrying a bigger stick against money laundering and the kind of “safety provisions” that make accountants lose sleep. 

Warren, her mouth like a bulldog’s grip, declared on the 5th of May that the bill as it stood would “facilitate corruption.” Apparently, she had a bone to pick—with Trump’s World Liberty Financials (WLFI) clinching a $2B handshake-and-wink deal with Binance.

“The Trump family stablecoin surged to 7th largest in the world because of a shady crypto deal with the UAE. The Senate shouldn’t pass a crypto bill this week to facilitate this kind of corruption.”

Word is—courtesy of that ever-reliable fishwrap, The New York Post—the UAE bagged a slice of Binance, no less, with WLFI’s stablecoin (USD1) as the prize chicken traded at the county fair.

The Republicans: Holding the Stablecoin Torch—While It Flickers in the Wind 

Back when the GENIUS Act—grandly titled “Guiding and Establishing National Innovation for U.S. Stablecoins of 2025”—was a newborn, everyone cooed over its potential. Even the Democrats. Those were simpler times—folks even trusted bank tellers.

But quick as a drought dries up a river, nine Senate Democrats hissed and withdrew support, following Arizona’s Sen. Gallego. Their letter was the legislative version of “Thanks, but we’ll kindly pass, unless you pack it with more bandages.”

“The bill, as it currently stands, still has numerous issues that must be addressed, including adding stronger provisions on anti-money laundering, foreign issuers, national security, preserving the safety of our financial system…”

And to drive the point with a dull pitchfork, they added:

“While we are eager to continue working with our colleagues to address these issues, we would be unable to vote for cloture should the current version of the bill come to the floor.”

For the crypto folks, this bill was supposed to be their golden ticket—a patch of green ground in the wild west of digital finance. Senator Bill Hagerty, a man fond of shaping things “for centuries to come” (not a minute less), waved his hat and urged everyone to catch up before the train left the station.

“We must advance legislation that enshrines American leadership in the digital asset space and protects the US dollar for centuries to come. That time is now.”

Crypto’s true believers rolled their eyes so hard, you could almost hear it on the blockchain. They reckon the Democratic opposition team is more cozy with banks than bankers are with free coffee. 

Justin Slaughter from Paradigm, a man with a name straight out of a dime novel, quipped:

“It is wild to me that much of the Democratic Party has realigned with banks broadly and even the too big to fail banks, but it has happened.”

And Ripple’s legal boss, Stuart Alderoty? He called Warren’s hand an “absolute bargain”—as in, cheap shots sold at the political bazaar.

Meanwhile, stablecoins—pegged to the dollar and multiplying faster than rabbits—keep piling up, with Tether’s USDT and Circle’s USDC leading the parade. This bill, bless its battered soul, was supposed to usher in new age protection for the coin-waving masses and mark a day when the U.S. led the charge into digital financial glory. Instead? It waits, gnawing its nails with the rest of us. 🪙🐴

Senate Showdown

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2025-05-05 14:27