potential victory for Democrats in passing the GENIUS Act digital currency bill
Hey there! Let's talk about the latest intrigue in Senate politics! A group of pro-crypto Democrats have come up with a clever move to get the GENIUS Act - a bill aimed at regulating stablecoins - passed. Here's what's happening:
Apparently, they've introduced an amendment called the "End Crypto Corruption Act." While it may look like opposition, it's actually designed to help the stablecoin bill clear a legislative hurdle. This sneaky tactic will allow Democrats to save face on a potentially unpopular move.
What's the Deal with the GENIUS ACT?
The GENIUS Act, a bill to regulate stablecoins, has shaken things up. Critics fear it could lead to corruption or financial instability. Yet, despite these concerns, the bill has modest bipartisan support and is pushing forward in the Senate.
According to recent reports, the Democrats have introduced this amendment so the bill can proceed to a vote, even if the amendment fails. By using this strategy, Democrats can't use a filibuster - a procedural tactic to delay or block a vote - to stop the GENIUS Act itself.
In essence, this move lets Democrats appear to have tried to strengthen the bill without actually stopping it from passing. Insiders are calling it "Schumer 101" in reference to Senate Majority Leader Chuck Schumer's past use of similar tactics.
Why Should We Care?
This amendment is symbolic. It won't pass, but it gives pro-crypto Democrats cover. They don't want to publicly back the GENIUS Act entirely due to potential backlash. Plus, it neutralizes the filibuster threat, making it more likely the GENIUS Act will reach a vote and likely pass.
Tensions over crypto policy have escalated since the Trump administration supported pro-crypto regulations. Allegations of corruption involving President Trump and foreign crypto investments have deepened partisan divides, leading to a Democratic boycott of a crypto policy hearing.
The final vote for the GENIUS Act is scheduled for next week. While detractors still exist within the Democratic Party, the Act's chances look good. Stablecoin regulation in the U.S. may be on the verge of major success!
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- The ongoing Senate politics revolve around the GENIUS Act, a bill aimed at regulating stablecoins, which has gathered modicum bipartisan support.
- In response to concerns about the bill, a group of pro-crypto Democrats have introduced an amendment called the "End Crypto Corruption Act."
- This amendment serves a dual purpose: it is symbolic and non-passing, but it also aids the GENIUS Act by eliminating the possibility of a filibuster.
- By employing this tactic, known as "Schumer 101," Democrats can appear to have tried to strengthen the bill while avoiding potential backlash.
- The crypto world is abuzz with news about stablecoins, ICOs, and crypto regulations, promising significant changes in the field of policy-and-legislation.
- The rise in crypto attention also coincides with increased scrutiny, as crime-and-justice concerns come to the forefront.
- This heightened focus on crypto regulations follows the Trump administration's support for pro-crypto policies and allegations of corruption involving President Trump and foreign crypto investments.
- With the final vote on the GENIUS Act scheduled for next week, those interested in trading crypto can explore options like Uphold to join early access to new tokens, enjoy one-step trading, and support a diverse range of assets, including crypto, stocks, and precious metals.
