Why the Senate Stablecoin Bill Stalled & What It Means for Crypto
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Hey, all. There was so much crypto news that dropped on Thursday that we decided we wanted to do an extra bonus show on why the stablecoin bill stalled in the senate. We did a live stream of my conversation with Kristen Smith and Amanda Tuminelli on Friday morning on YouTube and x, And that is what we are releasing now here. Enjoy. There
was a tremendous amount of time at the senator level themselves that they spent over the past few days negotiating this. They're not gonna want that to be for no reason. And so I think, you know, we will be able to get this moving forward. And I think we regardless of what the text says, even if there's flaws in the text, we want to keep the process going. Because if it turns out that we can't even get a simple stablecoin bill through the senate, it's gonna make it very, very difficult for for market structure to follow suit and keep the process alive.
Hi, everyone. Welcome to Unchained, your no hype resource for all things crypto. I'm your host, Laura Shin. This is the 05/09/2025 episode of Unchained. Bitkey is the Bitcoin wallet from the team behind Square and Cash App. It's the first two of three multi sig hardware wallet with recovery tools that replace the need for a seed phrase. Get 20% off with code unchained. Powered by successful products like Mantle Network and METH Protocol, Mantle is driving the next phase of on chain finance by supporting ecosystem products such as the Mantle Index four or MI four Fund and Mantle Banking, which
great to be here, Laura. Thanks
for having us.
On Thursday, efforts to move the senate stablecoin bill forward, which by the way, it's called the Genius Act faltered. This follows last Saturday's fight over the bill and several tense days in Congress with, I think, probably a lot of negotiating going on. However, this doesn't mean the bill itself has failed. So what was Thursday's vote about? And then we can kind of zoom out to everything else that happened. Yeah.
I can jump in on this one because this is there there's a lot of senate floor process happening here that I don't think is immediately, intuitive to people who don't follow congress every day. So the important thing to realize, is that in the Senate, floor time is a very finite resource. There's only so many days a year that the Senate are in session. And particularly right now at the start of a presidential administration, We have so many different nominees, you know, over 1,200, that need to be confirmed that the Senate is, I think to quote Senator Tom Thune, they're an HR factory right now.
And so I remember last Saturday that people were, kinda surprised at some of the Democrats who turned against, you know, the bill at that point because, several of them received, quite a bit of donations from crypto lobbying groups in the election. So, you know, why did that switch happen?
Yeah. Well, I think that the politics is is sort of taken over here. Right? There there are, sort of several issues that Democrats have raised that they would like to be addressed in the legislation. One of those, is the concern around, the Trump family's participation in the crypto business. You know, back in the last administration, we were fighting for our lives and we would have given anything for an enthusiastic president and leader. Well, we have a very, very enthusiastic president. He loves crypto so much that his entire family is going into multiple different business lines related to
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