After months of deadlock, the U.S. inches toward its first-ever federal stablecoin law—just don’t expect Elon or Trump-linked tokens to go quietly.
Key Highlights:
- The Senate voted 66-32 to advance the GENIUS Act, signaling bipartisan support for the first federal stablecoin regulatory framework.
- A final vote is expected after Memorial Day, with provisions restricting tech firms from issuing stablecoins and setting new ethics rules for public officials.
Yello ParadiseSquad, it finally happened. After months of political gridlock and speculative headlines, the U.S. Senate has advanced the GENIUS Act, a landmark bill that could usher in the country’s first formal regulation for stablecoins. The cloture vote passed 66-32 on Monday, setting up the legislation for final approval after Memorial Day (May 26, 2025).
This isn’t just a procedural step. It’s the moment the U.S. signaled it’s ready to stop pretending stablecoins are a gray-area novelty and start treating them like the systemically significant digital dollars they’ve become.
What’s in the GENIUS Act—and Why It’s a Big Deal
The GENIUS Act (Guidelines for Ethical National Issuance and Use of Stablecoins) lays the groundwork for regulating crypto assets pegged to fiat currencies, with sweeping implications for issuers like Circle, Tether, and emerging private platforms.
But it doesn’t stop there. The bill also includes ethics provisions aimed at preventing tech leaders and public officials from exploiting stablecoins for personal gain. Names like Elon Musk and David Sacks were reportedly key influences in those debates, and yes, there’s language that bars members of Congress from issuing stablecoins while in office.
However, Trump-linked private ventures still appear to have wiggle room, which has raised eyebrows across the aisle.
How Bipartisan Deal-Making Got It Done
The bill’s progress was unlocked after Senators Bill Hagerty, Cynthia Lummis, Kirsten Gillibrand, Mark Warner, Angela Alsobrooks, and Ruben Gallego brokered a key set of amendments. These included new consumer protections and a ban on stablecoin issuance by tech firms, which softened Democratic resistance around national security and anti-money laundering vulnerabilities.
Even so, Republicans like Rand Paul and Jerry Moran still voted no, citing inadequate national security language and overreach.
What Happens Next?
Now that the cloture vote has cleared the way, the final vote will come after Congress returns from its Memorial Day break. Expect more negotiation, potential tweaks, and plenty of last-minute lobbying from every corner of the crypto and fintech world.
If the GENIUS Act passes, it will create legal clarity for stablecoin issuers for the first time ever, an enormous development in a space where $150+ billion in stablecoins are already in circulation.
We’ll cover how this legislation could reshape DeFi, impact centralized issuers, and shift regulatory pressure in our YouTube stream, with in-depth regulatory impact briefings sent to ParadiseFamilyVIP members.
And here’s a genius move: for just $3/month, you can unlock the full MCP News Private feed—less than what you’d spend on a stale gas station latte with too much foam and too little caffeine.
We’ll break down the GENIUS Act’s final version, what it means for USDC, Tether, and DeFi—and how it could shift the next wave of stablecoin dominance—before anyone else does.
Because while Washington writes the rules, you still write your results. And $3? That’s what it costs to not get left behind.
