Source: The American Prospect
by David Dayen
“When we last left the bill known as the GENIUS Act, the fix appeared to be in. The crypto industry had spent millions in the 2024 elections to get a friendly regulatory regime, and GENIUS, which would sanction stablecoins and enable Big Tech firms to issue their own private currencies, was the opening salvo in a broad restructuring of the financial system to suit their ends. There was a minor hiccup in the form of Donald Trump’s orgy of crypto corruption …. But they found a work-around, by pretending to fight Trump’s corruption with an amendment blocking presidents from issuing crypto assets that was designed to fail, after which they would happily sign on to the bill. That’s where we were headed. … final passage, after the amendments were disposed with, was scheduled to happen last week. It did not.” (06/09/25)
https://prospect.org/power/2025-06-09-crypto-thought-they-bought-congress-swipe-fees/