The GENIUS Act, or the Guiding and Establishing National Innovation for US Stablecoins of 2025 Act, has failed to pass cloture in the United States Senate on May 8, dealing a blow to cryptocurrency regulation in the country.
Here are the latest updates from the crypto world
The GENIUS Act, or the Guiding and Establishing National Innovation for US Stablecoins of 2025 Act, has failed to pass cloture in the United States Senate on May 8, dealing a blow to cryptocurrency regulation in the country.
The bill received a last-minute pushback from Democrats, who raised concerns about US President Donald Trump’s cryptocurrency ventures. The bill is sponsored by Senator Bill Hagerty and co-sponsored by Senators Tim Scott, Kirsten Gillibrand, Cynthia Lummis and Angela Alsobrooks.
In order to address the concerns of Senate Democrats, this bill had been already amended to include stricter requirements for stablecoin issuers for further provisions for Anti-Money Laundering.
In a bipartisan effort, the GENIUS Act could increase regulatory clarity for digital assets in the United States. This focus of the bill, stablecoins used for payments, was seen as extending dollar dominance internationally and straying away from more controversial crypto topics.
The focus of the bill, stablecoins used for payments, was looked at as extending dollar dominance internationally and ignoring more controversial crypto topics.
After the procedure failed, Senate Majority Leader John Thune criticized Democrats, saying, “Democrats have been accommodated every step of the way […] frankly, I just don’t get it.”
In the last 24 hours, the Doodles’ non-fungible token (NFTs) sales surged by 97% as digital collectible traders anticipate the project’s token generation event and airdrop.
The data from the CryptoSlam showed, on May 8 that Doodles NFT sales went to $1.1 million, nearly double the previous day’s total. Following DMarket and Courtyard NFTs, the spike placed Doodles in the third spot for daily NFT sales.
According to CryptoSlam, over the past week, Doodles recorded $2.6 million in total sales volume, up 368% from the week prior and ranking fifth among all NFT collections.
This surge comes in the wake of the launch of Doodles’ long-awaited DOOD token. The project announced on May 7 that the token generation event will take place on May 9.
The US Securities and Exchange Commission (SEC) Commissioner Hester Peirce said in a speech published on May 8, that SEC is considering rule changes to let companies more freely issue tokenized securities.
In the speech, Peirce said, that regulator is “considering a potential exemptive order” for firms using blockchain technology to “issue, trade, and settle securities” that would release them from certain registration requirements.
For example, decentralized exchanges (DEXs) may no longer need to register “as a broker-dealer, clearing agency, or an exchange,” Peirce said.
The SEC has previously sent numerous Wells notices to DEXs such as Uniswap for allegedly failing to register as securities exchanges.
Firms should “not have to comply with inapt regulations, which, in many cases, were developed well before the technologies being tested existed and may be obviated by attributes of that technology,” Peirce said.
According to Cointelegraph, under such an exemption, companies would still be expected to comply with rules designed to prevent fraud and market manipulation, the commissioner said. They may also need to meet certain disclosure and recordkeeping requirements.