This episode explores the reasons behind the stall of the GENIUS Act, a stablecoin bill, in the Senate, featuring insights from Kristin Smith, CEO of the Blockchain Association, and Amanda Tuminelli, Executive Director and CLO of the DeFi Education Fund. The discussion begins by clarifying that the Senate vote was on a motion to proceed, not the bill itself, and highlights the procedural complexities and political factors at play, including the scarcity of Senate floor time and the need for 60 votes to limit debate. Against the backdrop of intense negotiations, Democrats raised concerns about the Trump family's involvement in the crypto business, big tech's potential entry into stablecoins, and anti-money laundering measures. More significantly, the conversation reveals that a new version of the GENIUS Act (S-1582) was introduced, differing from the original bill (S-394) that had bipartisan support, leading to process concerns and the introduction of other political issues. Despite the stalemate, both guests express optimism that negotiations will continue and a deal can be reached, emphasizing the importance of passing a stablecoin bill to keep the process alive for broader market structure legislation. The episode concludes with a call to action, urging listeners to contact their senators and express support for the GENIUS Act, underscoring the industry's engagement and the potential impact of collective action.
