NiftyNoon: We Are So Back - GENIUS Act Advances in Senate 💵🏛️📈
The GENIUS stablecoin bill unexpectedly passes a key Senate vote as crucial Democratic support resurfaces (May 21, 2025)
Nifty Thought:
In a dramatic turnaround, the Senate's stablecoin bill, the GENIUS Act, successfully passed a crucial procedural cloture vote (66-32) on Monday evening, May 19th, less than two weeks after its initial failure. This sudden revival sets the bill on a path for a full floor vote, potentially as soon as tomorrow, bringing the U.S. closer to a dedicated regulatory framework for stablecoins. The shift was enabled by several key Democrats, including initial co-sponsors Kirsten Gillibrand and Angela Alsobrooks, flipping their previous "nay" votes to "yea" after a revised draft of the legislation emerged with purported concessions on issues like conflicts of interest and national security.
The renewed momentum for the GENIUS Act can be attributed to intense, last-minute negotiations and significantly increased lobbying pressure from the crypto industry, with major players like Coinbase ramping up efforts fearing the bill's failure could kill all crypto legislative hopes for the year. However, while the new draft includes changes, it reportedly still allows the president and vice president to issue stablecoins—sidestepping the Trump-related concerns that initially derailed it—and contains loopholes regarding Big Tech's involvement. Despite these compromises and continued opposition from prominent Democrats like Senator Elizabeth Warren, who deems the bill "weak," its potential passage is widely anticipated to unlock substantial institutional investment into the crypto sector.
Highlighted News:
📜 The GENIUS Act has passed its first big procedural hurdle, with 16 Democrats joining Republicans on the vote:
https://x.com/faryarshirzad/status/1924640625145545193
📈 $AAVE is a key player in DeFi which can be benefitted from the GENIUS Act; over 22% in last 24 hrs:
https://x.com/thisisksa/status/1924685265978704250
🐧 @pudgypenguins partnering with @randomhousekids, the world’s largest children’s book publisher, to release - The Worst Birthday Present Eve:
https://x.com/pudgypenguins/status/1924840449660829825
📈 BTC Spot ETF inflow hits new all-time high:
https://x.com/KevinSailly_/status/1924728691911012849
⚡️@MagicEden partnering with @buildonspark:
https://x.com/magiceden/status/1924859175143723260?s=46
Project and Community News:
Notably, 8 newly created wallets withdrew 105,736 $ETH($262M) from Kraken after Jeffrey Wilcke's deposit; it is possible that Jeffrey Wilcke did not intend to sell $ETH: https://x.com/lookonchain/status/1924844350095425809
$SUI saw the highest stablecoin inflows among all blockchains, with an increase of $83.4 million in the last 24 hours: https://x.com/Torero_Romero/status/1924767921584136415
US$785m Weekly Inflows, sentiment continues to recover in Ethereum: https://x.com/CoinSharesCo/status/1924390029972942894
Bybit Launches USDT-Based Stock Trading: https://x.com/Bybit_Official/status/1924801119148245135
Bancor sues Uniswap for patent infringement over DEX smart contract tech: https://x.com/SovereignRiz/status/1924857809251807614
The @SECGov has charged @Unicoin_News and execs including CEO Alex Konanykhin and Silvina Moschini for allegedly defrauding 5,000+ investors with false and misleading claims that its crypto token was backed by billions in real estate: https://x.com/eleanorterrett/status/1924998692203110606?s=46
India's Supreme Court says crypto should be regulated, not banned: https://x.com/WatcherGuru/status/1924781621213114597
TokenFi Set to Make History as the First RWA Platform to Tokenize an AI Robot - The Floki Minibot M1: https://x.com/tokenfi/status/1924778024672886865
Spark — a new infrastructure layer backed by the ex-PayPal/Meta team: https://x.com/peddyxbt/status/1924870827167699188?s=46
The Believe App eco saw big green on the day: https://x.com/Tyler_Did_It/status/1924786547921977711
HyperEVM eco is now integrated in http://debank.com: https://x.com/DeBankDeFi/status/1924796663409082717
Azuki Presents: Alley Escape Los Angeles | July 5 | 8PM-12AM: https://x.com/azuki/status/19249784830439591u6hP82igIkse_w0CQcovQ
@finalbosuX Reveal by ID starts Wednesday, May 21st at 4PM EST / 10PM CET: https://x.com/finalbosuX/status/1924901755080396993
Yala is bringing its Bitcoin-native infrastructure to Solana, enabling BTC holders to unlock real yield across Solana DeFi: https://x.com/yalaorg/status/1924465824275791872?s=46
Introducing @seedphrase_ai — a new community tool designed to empower digital art collectors and researchers: https://x.com/seedphrase/status/1924874228379050335?s=46
Introducing SP1 Hypercube: https://x.com/SuccinctLabs/status/1924845712921264562
Announcing two major milestones for True Markets: https://x.com/truemarketsco/status/1924830051310207051?s=46
The Flow team had an incredible time at @consensus2025 in Toronto: https://x.com/flow_blockchain/status/1924910564436017273
The Argentine government dismantled the Investigative Task Force, a body created just three months ago to investigate the Libra cryptocurrency scandal and the roles of President Javier Milei and his sister Karina: https://x.com/business/status/1924840251891044644
Quick Stats:
👾 Blur ETH Daily Volume: 373 ETH (▼ 34.57%)
🌊 OpenSea ETH Daily Volume: 692 ETH (▼ 14.13%)
🟠 BTC : $106,596.93 (▲ 1.92%)
🔷 ETH: $2,534.00 (▲ 1.97%)
🟣 Solana: $169.12 (▲ 1.76%)
🟪 Polygon: $0.23 (▲ 1.43%)
Top NFT Sales:
CryptoPunks #7560: 54.99 ETH
CryptoPunks #3339: 54.00 ETH
Gazers by Matt Kane #215000096: 27.53 ETH
NFT Daily Winners:
👾 Tensorians: 3.49 SOL (▲ 25.54%)
🍭 Mocaverse: 1.69 ETH (▲ 4.91%)
🏴☠ Captainz: 0.45 ETH (▲ 1.13%)
⛩ Azuki: 2.42 ETH (► 0.00%)
🦧 Bored Ape Yacht Club: 12.80 ETH (► 0.00%)
🚬 CryptoPunks: 46.60 ETH (► 0.00%)
🏳🌈 Chromie Squiggles: 5.00 ETH(► 0.00%)
NFT Daily Losers:
👩🏻 Milady Maker: 3.08 ETH (▼ 0.65%)
😡 Mad Lads: 34.95 SOL (▼ 1.15%)
🐵 NodeMonkes: 0.04 BTC (▼ 3.20%)
🐱 Quantum Cats: 0.03 BTC (▼ 3.33%)
🧦 Bitcoin Puppets: 0.04 BTC (▼ 4.86%)
🐧 Pudgy Penguins: 9.60 ETH (▼ 4.97%)
🧙♂️ Taproot Wizards: 0.20 BTC (▼ 6.10%)
💼 Ordinal Maxi Biz: 0.02 BTC (▼ 6.88%)
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