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SENATE REMOVES TRUMP PROVISIONS IN PUSH TO PASS STABLECOIN BILL
The U.S. Senate is preparing to pass a landmark bipartisan stablecoin bill—the GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins Act)—after removing controversial provisions that targeted President Donald Trump and his family’s crypto ventures.
📅 Target Date for Passage: By May 26 (Memorial Day), according to Senator Cynthia Lummis (R-WY), who spoke at a Coinbase-backed event, Stand With Crypto.
Hello, World!
💬 Key Voices:
- Senator Kirsten Gillibrand (D-NY) confirmed the bill has been revised to eliminate language singling out Trump’s crypto activities, which include memecoins, a stablecoin project, a mining firm, and a crypto platform.
- “This is not an ethics bill,” Gillibrand said, though it does include basic ethics requirements. “If we were dealing with all President Trump’s ethics problems, it would be a very long and detailed bill.”
🚫 Senate Democrats had stalled the bill on May 8, objecting to its failure to address Trump’s alleged personal enrichment through crypto-related ventures. Gillibrand stated Trump’s memecoin offering may already violate existing laws, calling it “about as illegal as it gets.”
🏛️ Bill Focus: Regulation of the entire stablecoin ecosystem, with strengthened protections for:
- Consumers
- Bankruptcy proceedings
- Issuers’ responsibilities
👥 Industry Push: Coinbase CEO Brian Armstrong, who joined the senators onstage, refrained from commenting on Trump’s memecoin but emphasized the need to keep the bill focused on regulatory clarity.
🗳️ Legislative Urgency:
- With the 2026 midterms approaching, the crypto industry is lobbying hard to pass both the GENIUS Act and a broader market structure bill before momentum is lost.
- Marta Belcher of the Blockchain Association warned the legislative window is closing fast. “We don’t know if we’ll get another chance like this.”
📌 August Deadline: The goal is to have both bills signed into law before the August congressional recess, according to Bo Hines, Executive Director of the Presidential Council of Advisers for Digital Assets. Hines noted it’s “the President’s desire” to finalize both crypto-related bills during that timeframe.
@ Newshounds News™
🔗 Full Article: Cointelegraph – May 14, 2025
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BRICS ERODES TRUST IN THE US DOLLAR
The BRICS alliance is accelerating a global shift away from the US dollar, encouraging developing nations to embrace local currencies for trade and economic stability.
🌍 Background:
The U.S. sanctions imposed on Russia in 2022 served as a wake-up call for emerging economies. The move exposed the vulnerabilities of nations that relied too heavily on the dollar and underscored Washington’s ability to destabilize other countries’ economies.
🛡️ Response from BRICS:
In response, BRICS members began to rethink their dependency on the dollar and initiated steps to strengthen their native currencies. The bloc—comprising major developing nations—has since made de-dollarization a central pillar of its long-term strategy.
💸 Erosion of Trust in the Dollar:
The U.S. dollar has historically dominated global trade because of widespread trust. But BRICS nations now view the greenback as a geopolitical weapon that serves U.S. interests at the expense of others. That trust is rapidly deteriorating, and so is the dollar’s role in international trade.
📉 Trend Watch:
- The dominance of the dollar is no longer guaranteed.
- Local currencies are being positioned as more stable and sovereign alternatives.
- BRICS is encouraging member states to settle trades in native currencies, reducing exposure to U.S. monetary policy and potential sanctions.
🔁 What’s Next:
As the economic influence of BRICS grows, so does its ambition to reshape the global financial order. If successful, this movement could drastically reduce U.S. influence in international trade and global finance.
📌 Key Quote:
“The U.S. dollar’s supremacy stood on trust for decades—but that trust is now eroding.”
@ Newshounds News™
🔗 Full Article: Watcher Guru – May 14, 2025
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