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.
Tonight, the Senate moved forward on the GENIUS Act. This groundbreaking, bipartisan legislation will bring America’s payment system into the 21st century.
The GENIUS Act skyrockets the United States with a digital payment framework with the fastest rails possible. It will
— Senator Bill Hagerty (@SenatorHagerty)
1:49 AM • May 20, 2025
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.
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.
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Circle vs. Tether: What’s in the reserves? (Protos)
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