AlexanderGrieve

The Senate passes the GENIUS Act — the first step towards creating a federal chartering and oversight regime for stablecoins — and the first major crypto bill the Senate has cleared.

Huge thanks @SenatorHagerty @SenLummis @SenGillibrand @SenatorTimScott @Sen_Alsobrooks

1/ Perpetual derivatives are the backbone of global crypto markets, and DeFi perps are their purest manifestation.

Last week, @paradigm filed comment with the @CFTC to encourage the CFTC to create a path for DeFi perps in the US.

Crypto seeks to create a new, and better, financial system. A core part of this is reimagining and rearchitecting the old one.

This week, the @SECGov started laying out a path for doing just that: bringing equity trading and settlement onchain. 1

Important to point out—

The Rs blocked UC this afternoon so as to proceed to the planned vote, after days of negotiating a deal with the Dems.

What many missed is that Warren ALSO objected to UC. Warren and her staff (and antitrust / finreg 501c4 allies — been seeing a lot of them on Twitter lately? There’s a reason) were hideously embarrassed by how the GENIUS markup went, and are desperately trying to scare all the Dems into opposing any crypto — and didn’t want to give Dems any more time to get to a good place on the bill.

GENIUS may come back up next week. Important for any Dems to realize that Warren doesn’t have your best interests in mind — only her own + feeding the progressive antitrust nonprofit leviathan.