NiftyNoon: Can Crypto Executives Save the GENIUS Act and the Stablecoin Super Cycle? 🤝🏛️💵
Crypto exectuvites lobby aggressively in Washington DC for the GENIUS Act after Senate Democrats blocked the bill during its first pass (May 15, 2025)
Nifty Thought:
Crypto executives, reportedly around 60 founders strong and including Coinbase CEO Brian Armstrong, have descended upon Washington D.C. on May 14th to make a concentrated push for stablecoin legislation. The immediate focus is a renewed effort to pass the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act in the Senate, with Armstrong indicating a potential second vote hopefully on May 15th. This lobbying blitz comes after the bill failed to clear a procedural hurdle on May 8th, primarily due to Democratic lawmakers withdrawing support over concerns about President Donald Trump's digital asset ventures and demanding specific carve-outs to prevent him from profiting.
The initial failure of the GENIUS Act on May 8th, despite being a bipartisan effort with amendments for stricter AML provisions, drew sharp criticism and disappointment from proponents who view stablecoin regulation as crucial for U.S. leadership in digital assets and extending dollar dominance. Figures like Senator Lummis and Treasury Secretary Scott Bessent lamented the setback, while groups like the Blockchain Association expressed continued hope for bipartisan progress. The crypto industry is clearly signaling its urgency for regulatory clarity, stressing that "a lot of details to work out at the last minute" are being negotiated even as political sticking points around Trump's crypto activities remain a significant hurdle.
Highlighted News:
👨🏻🦲 @brian_armstrong claims i’s time to get stablecoin legislation passed to create clear rules for crypto in America:
https://x.com/brian_armstrong/status/1922701273066807610
🤖 @NousResearch announcing the launch of Psyche:
https://x.com/NousResearch/status/1922744483571171605
🧠 @believeapp looking for builders who need funding:
https://x.com/believeapp/status/1920248651902865496?s=46
🎥 AI startups are coming to Believe:
https://x.com/believeapp/status/1922780481684148519?s=46
🟣 $DFDV aspires to be the BEST way to stack $SOL:
https://x.com/defidevcorp/status/1922745179158753706?s=46
Project and Community News:
YAPPER has soared to $20M on a whopping $40M trading volume - in less than an hour: https://x.com/tyler_did_it/status/1922787427879432320?s=46
Announcing the Trillion Dollar Security (1TS) initiativ - an ecosystem-wide effort to upgrade Ethereum’s security to help bring the world onchain: https://x.com/ethereumfndn/status/1922632702097801229?s=46
JPM settles first public transaction of tokenized treasuries using Ondo public ledger: https://x.com/DeItaone/status/1922640123880952024
VanEck Onchain Economy ETF (NODE) now trading: https://x.com/vaneck_us/status/1922644370332754390?s=46
Bitget’s L2, Morph, was plagued with founder tension, lavish spending and a lack of direction which has led to layoffs and a “shadow CEO,” sources tell Blockworks: https://x.com/blockworks_/status/1922304919849030001?s=46
4H candles are now live on Coinbase Advanced: https://x.com/coinbasetraders/status/1922669473665782097
@Filecoin Q1 2025 Updates: https://x.com/AJalooli/status/1922664855275741424
Meteora memes outpacing Pump Fun and LaunchLab in volume in the past day: https://x.com/Tyler_Did_It/status/1922649190418591821
Kamino Season 3 has concluded, and a total 350M KMNO will be distributed to users in May: https://x.com/kaminofinance/status/1922659372750029244?s=46
@Lyft relying on @Hivemapper network to help build and maintain its maps: https://x.com/hivemapper/status/1922669545296179370?s=46
Introducing the first-ever 1 megger, Block 896696, which includes every single
@TheWizardsOfOrd in OP_RETURN data: https://x.com/lifofifo/status/1922695983512588482?s=46
Introducing Altitude, a stablecoin-native USD account for businesses to save, earn, and move dollars: https://x.com/tryaltitude/status/1922658233627349160?s=46
N1 raised $2M in under a minute through our Echo community round: https://x.com/n1chain/status/1922645585217343537f1JVrVCkwtYV0y7e1FXA
Deposits for $KAITO are now open on Binance.US: https://x.com/BinanceUS/status/1922639095718703429
GMaple. D-1 until the grind begins. Pre-download now: https://x.com/MaplestoryU/status/1922547431172145611
Ethos Validator collection generated using OpenAI's new image generation model: https://x.com/ethos_network/status/1922689008238276608?s=19
NFT collections are a great way to reward early supporters and solidify an early community: https://x.com/waleswoosh/status/1922552924380463110
Phantom Staked SOL (PSOL) launching: https://x.com/phantom/status/1922701374044668078?s=61
@pudgypenguins currently have over 130 loans that have been called back on blur, putting them at risk of mass liquidation if the 10 ETH floor price doesn't hold: https://x.com/James07570/status/1922688625747050540
Quick Stats:
👾 Blur ETH Daily Volume: 1,249 ETH (▲ 16.90%)
🌊 OpenSea ETH Daily Volume: 1,009 ETH (▼ 9.44%)
🟠 BTC : $102,421.80 (▼ 1.61%)
🔷 ETH: $2,550.06 (▼ 3.08%)
🟣 Solana: $170.83 (▼ 5.93%)
🟪 Polygon: $0.24 (▼ 8.11%)
Top NFT Sales:
CryptoPunks #6456: 51.29 ETH
CryptoPunks #2642: 49.14 ETH
CryptoPunks #8580: 46.99 ETH
NFT Daily Winners:
🦧 Bored Ape Yacht Club: 12.54 ETH (▲ 3.21%)
🧙♂️ Taproot Wizards: 0.20 BTC (▲ 0.25%)
👾 Tensorians: 2.90 SOL (► 0.00%)
NFT Daily Losers:
🚬 CryptoPunks: 46.90 ETH (▼ 1.26%)
🏳🌈 Chromie Squiggles: 4.30 ETH (▼ 1.60%)
🐧 Pudgy Penguins: 9.79 ETH (▼ 2.10%)
😡 Mad Lads: 36.11 SOL (▼ 2.39%)
👩🏻 Milady Maker: 3.11 ETH (▼ 2.67%)
🐱 Quantum Cats: 0.04 BTC (▼ 3.25%)
🏴☠ Captainz: 0.50 ETH (▼ 3.85%)
⛩ Azuki: 2.40 ETH (▼ 4.00%)
🍭 Mocaverse: 1.87 ETH (▼ 5.13%)
🐵 NodeMonkes: 0.04 BTC (▼ 8.43%)
💼 Ordinal Maxi Biz: 0.03 BTC (▼ 9.68%)
🧦 Bitcoin Puppets: 0.05 BTC (▼ 11.98%)
Notes:
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