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GENIUS ACT VOTE ON MAY 19: WILL THE U.S. FINALLY REGULATE STABLECOINS?
The U.S. Senate is preparing to vote on the GENIUS Act (Guaranteed Electronic USD Issuance and Safeguards Act) on May 19, 2025. The bipartisan bill, co-sponsored by Senator Bill Hagerty (R-TN) and Senator Kirsten Gillibrand (D-NY), aims to establish the first-ever regulatory framework for payment stablecoins in the United States.
Hagerty Eyes Bipartisan Breakthrough
Senator Hagerty remains optimistic despite the bill’s rocky journey. On May 8, the GENIUS Act fell short of the 60-vote threshold required for cloture—only 48 senators voted in favor, while 49 opposed. Concerns from Democrats included:
▪️ Weak anti-money laundering (AML) measures
▪️ Lack of oversight on foreign-issued stablecoins
▪️ Insufficient consumer protection mechanisms
In response, bipartisan negotiations have led to key amendments. FOX Business reporter Eleanor Terrett confirmed on X that the revised version includes:
▪️ Enhanced customer safeguards
▪️ Clearer bankruptcy protection for stablecoin holders
▪️ Ethical restrictions, barring Big Tech firms (like Meta, Google) and individuals like Elon Musk from issuing stablecoins
These additions aim to win support from cautious lawmakers and ensure the bill aligns with investor protection and national security goals.
Stablecoin Market: A $246 Billion Sector Awaits Regulation
The timing is crucial. The global stablecoin market is now worth over $246 billion, with Tether’s USDT ($151B) and Circle’s USDC ($61B) leading the charge. These tokens, pegged 1:1 with fiat currency, are essential for traders, institutions, and fintech innovators.
Use cases are growing fast. Mastercard’s partnership with MoonPay is enabling stablecoin payments for 150 million merchants worldwide—further validating the need for regulation.
Senator Hagerty argues the GENIUS Act would:
▪️ Cement the U.S. dollar’s dominance in the digital economy
▪️ Increase demand for U.S. Treasuries
▪️ Encourage fintech innovation to stay within U.S. borders
Can the GENIUS Act Pass?
To pass, the Senate requires 60 votes. As of May 17, 2025, the chamber makeup is:
▪️ Democrats (including Independents): 51 seats
▪️ Republicans: 49 seats
With no party holding a filibuster-proof majority, the bill’s success hinges on bipartisan cooperation. If 9–11 moderate Democrats or Republicans flip in favor, the GENIUS Act could mark a historic regulatory milestone for crypto.
@ Newshounds News™
Source: Coinpedia
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BRICS NEWS: THIS US SECTOR WILL CRASH FIRST IF BRICS ABANDONS THE DOLLAR
The BRICS alliance has turned aggressive in advancing the de-dollarization initiative to bring down the US dollar’s global hegemony. They are forging new trade deals with other developing countries to settle cross-border transactions in their respective local currencies. The long-term goal of the 10-member bloc is to diminish the Western powers and tilt the financial authority towards the East.
The main objective of BRICS is to usher the world into a new financial era where the US, the dollar, and other Western allies have no power in global affairs and the overall markets.
The roadmap is already set, and the developing nations are working towards making it a reality. Whether they will be successful in bringing the US dollar down or not, only time will tell.
However, if BRICS manages to abandon the dollar, one important US sector will be the first to crash. It holds the keys to the American economy and global superiority, and without its support, America might never be a superpower. In this article, we will explain the top sector that will crash first if BRICS ditches the dollar.
Top US Sector To Crash If BRICS Ditches the Dollar
The US banking sector will be the first to come crashing down if BRICS ditches the dollar for cross-border transactions. Leading global banking giants such as JP Morgan, Bank of America, Citigroup, and several others will lose trillions of wealth. These US banks are heavily exposed to the US dollar through foreign exchange and dollar-denominated debt.
If BRICS decides to pull the plug on the dollar, US banks will face a liquidity crunch affecting interest rates and profits. These banks supply the US dollar “forward and backward” into America, and failing to do so will add greater pressure. It would expose the stock market to an extensive decline that has never been seen before.
In conclusion, the first US sector to crash if BRICS sidelines the dollar is the American banking system.
@ Newshounds News™
Source: Watcher Guru
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