Will Circle get to IPO?

Stablecoin Legislation is Back on Track

After last week’s surprise stall, the Senate voted 66-32 to invoke cloture on the GENIUS Act, clearing the procedural hurdle that lets debate and amendments proceed toward a final vote. The bill – Washington’s flagship crypto priority for 2025 – would require stablecoins to be fully backed by U.S. dollars or similarly liquid assets, mandate annual audits for issuers with more than $50 billion in market capitalization, and add language around foreign issuance.

USA Downgraded by Moody’s

For the first time in history, Moody's has downgraded the United States' credit rating one notch from AAA to AA+. Moody's cites concerns over soaring US debt levels with interest on US debt set to hit 30% of revenue by 2035. That said, while the news may look significant, it barely comes as a surprise (Fitch downgraded the US to AA+ two years ago) and won’t trigger a stampede out of treasuries.

Coinbase Joins the Bid For Circle Acquisition

The fight for Circle seems to be heating up. Only a few weeks after reports emerged that the largest US stablecoin provider had rejected Ripple’s $4-5 Billion offer, Fortune is reporting that Coinbase is entering the conversation. Since Circle has yet to set terms for it’s IPO and the roadshow has not yet started, a last minute deal could emerge. And while it’s obvious that Circle would much rather be in the hands of Coinbase, Ripple has deep pockets with which to make an enticing offer.

• Arthur Hayes on Bitcoin’s route to $200,000, holding gold and why ‘hated’ Ethereum is due for a comeback (Fortune)

• Strategy and co-founder Michael Saylor face class action lawsuit involving alleged federal securities law violations (The Block)

• The key to a $1.3T opportunity (Pacaso)**

• Circle vs. Tether: What’s in the reserves? (Protos)

• Jamie Dimon says JPMorgan will allow clients to buy Bitcoin but firm will not custody it (The Block)

• Strategy Buys $765 Million Worth of Additional Bitcoin (Bitcoin Mag)

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