Stablecoin bill to pass in the coming weeks - How Real?

As cryptocurrency markets continue their rollercoaster ride, a growing number of investors like me are turning to stablecoins. We are drawn by stablecoin's promise of stability in an otherwise turbulent digital asset landscape. I tagged myself a #blockchaintourist, but after losing substantial savings to crypto’s wild price swings, I have vowed to go “full stack” into stablecoins.

“I can’t stomach another 20% drop overnight...”

This is my sentiment fueling the $205 billion stablecoin market’s rise. With transfer volumes hitting $28 trillion in 2024, stablecoins, pegged to assets like the U.S. dollar, are becoming a haven for those burned by volatility, and the U.S. Senate’s impending vote on the GENIUS Act could further legitimize their appeal. The push for stablecoins comes as bipartisan lawmakers negotiate the Guiding and Establishing National Innovation in U.S. Stablecoins (GENIUS) Act, expected to pass within weeks, according to Digital Chamber CEO Cody Carbone. The legislation aims to provide regulatory clarity, addressing concerns from consumer protections to ethical issues tied to ventures like President Trump’s USD1 stablecoin.

For me, the bill signals a safer, more structured future for stablecoins, which she sees as a “lifeboat” after several crypto losses. I’m done gambling with altcoins. Stablecoins feel like a way to stay in the game without the heartbreak. As the Senate vote looms, industry leaders and retail investors alike are watching closely, hopeful that regulation will cement stablecoins as a cornerstone of digital finance.

Earlier, the vote for the stablecoin bill faltered due to concerns from some Democratic lawmakers regarding potential conflicts of interest tied to President Donald Trump’s crypto ventures, notably his family’s involvement with World Liberty Financial and its USD1 stablecoin. Critics, including Democratic Representative Maxine Waters, argued that the original bill did not adequately address these ethical concerns.

However, recent developments suggest progress. A revised draft of the GENIUS Act has removed language specifically targeting Trump’s crypto interests, a move aimed at easing Democratic objections. Senator Kirsten Gillibrand, a key supporter, indicated that the updated bill includes stronger consumer protections, bankruptcy safeguards, and ethical provisions, potentially paving the way for a vote by May 26, 2025. Coinbase CEO Brian Armstrong echoed this optimism, expressing hope for a Senate vote as early as next week.

Carbone has emphasized the urgency of passing the legislation before the 2026 midterm elections, warning that delays could jeopardize the positive regulatory environment for cryptocurrencies and impact market stability.

The GENIUS Act is seen as a vital step toward establishing a federal framework for the $205 billion stablecoin market, which has grown significantly, with transfer volumes reaching $28 trillion in 2024. Industry leaders argue that clear regulations will enhance U.S. leadership in digital finance and prevent issuers from navigating a patchwork of state laws. However, some Democrats, including Senator Elizabeth Warren, remain skeptical, advocating for stricter anti-money laundering measures and protections against foreign issuers.

As bipartisan efforts intensify, the crypto industry is rallying support. On May 14, approximately 60 crypto founders, organized by the Stand With Crypto group, met with lawmakers in Washington to push for the GENIUS Act and related market structure legislation. The outcome of these negotiations could shape the future of digital assets in the U.S., with implications for innovation, financial stability, and global competitiveness.

I'm all in for stablecoins at this point after series of heartbreaks. I hope I don't get broken again.

Please, let the stablecoin bill pass finally.

Iimages drawn from bitmarkets.com.

#DiaryOfABlockchainTourist

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