Trump: “NO DELAYS, NO ADD ONS”

After the Senate passed the GENIUS (Guiding and Establishing National Innovation for US Stablecoins) Act with a 68–30 vote, Trump posted on Truth Social urging quick House approval.

“The Senate just passed an incredible Bill that is going to make America the UNDISPUTED Leader in Digital Assets,” he wrote. “Get it to my desk, ASAP — NO DELAYS, NO ADD ONS.”

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With a narrow Republican majority in the House, the final vote is pending — but all eyes are on how swiftly it can reach Trump for final approval.

What Does The Bill Include?

The GENIUS Act aims to establish a clear regulatory framework for stablecoins, including:

• Mandatory 1:1 reserve backing
• State or federal-level licensing
• Anti-Money Laundering compliance
• Strict consumer protections
• Limits on how reserves can be used (e.g., only for redemptions or low-risk Treasury investments)

These measures are designed to eliminate shadow banking risks and enhance systemic trust in dollar-backed stablecoins.

Controversy Still Looms

Although now progressing, the bill had previously failed a cloture vote in May due to Democratic concerns. Critics like Senator Elizabeth Warren accused Trump and his family of positioning to earn “hundreds of millions” from a proposed USD1 stablecoin if the law passes. Others warned against falling behind globally in crypto adoption and innovation.

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GENIUS Act Passes in Senate  

The GENIUS Act passed the Senate with 68 votes in favor and 30 against. This brings the GENIUS Act one step closer to defining the legal framework for stablecoins. This strong support means the bill could pass the U.S. Senate as early as next week. If leaders speed up the process, an even earlier vote is possible. State-level regulations aimed at increasing transparency, especially for smaller stablecoin issuers, are also on the way.  

What Does the GENIUS Act Aim For?  

The GENIUS Act primarily aims to integrate stablecoins into the U.S. financial system. It expects a significant capital inflow into the crypto market. The bill creates the first federal framework for stablecoins, currently an unregulated payment product. This framework seeks to protect consumers and ensure the stability of the financial system. Additionally, the bill allows banks and non-bank entities to issue stablecoins. This could encourage large companies like Meta or Google to enter the market, potentially increasing liquidity.  

Strict Rules for Stablecoins Are Coming: Banks Are Involved Too!  

The GENIUS Act also considers the concerns of the banking sector. To prevent banks from competing with deposits, they might prohibit interest-bearing stablecoins. In fact, major banks like Bank of America are planning to launch their own stablecoins. This shows how intense the competition is.  

The new bill mandates that stablecoin issuers always maintain a 1:1 dollar reserve. They will typically hold these reserves in secure assets like U.S. Treasury securities. Also, mandatory audits are on the way for issuers with a market capitalization over $50 billion.  

After passing the Senate, the bill will go to the U.S. House of Representatives. Ultimately, U.S. President Donald Trump will sign the bill. President Trump and Treasury Secretary Scott Bessent support the bill. This strengthens the possibility of the bill soon becoming law.  

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Significant events are unfolding this week in the crypto and economic world. A new stablecoin bill is on the agenda in the US, and a major Bitcoin conference is being held in Las Vegas. Additionally, critical economic data and company reports are drawing investor attention.

• US stock markets will be closed on Monday, May 27, due to Memorial Day.
• On the same day, the US Senate will hold a highly anticipated vote. The GENIUS Act, known as the Federal Stablecoin Act, will be put to vote. The bill aims to regulate digital dollar-based stablecoins at the federal level. However, ethical controversies continue due to Donald Trump’s crypto investments.
• A new project from Binance Launchpool, $HUMA, will be listed.

• On Tuesday, the Bitcoin 2025 Conference begins in Las Vegas. Many high-level officials, including US Vice President JD Vance, will speak at the event. The conference may host new announcements focused on both regulation and technology.

Critical Data and Company Developments

• On Wednesday, LayerZero will introduce its OneSig product. This solution aims to increase cross-chain transaction security. On the same day, MultiversX will launch the “Andromeda” update, expected to improve performance and transaction speed.
• Additionally, the FOMC meeting minutes will be released Wednesday. These minutes carry important signals about the future of interest rate policy and will directly impact markets. After the US market closes, Nvidia will release its earnings report, with particular investor focus on revenue from the AI segment.

On Thursday, the US Q1 GDP data will be announced. Expectations are around -0.3%. This data may raise recession concerns.

On Friday, the Annual Core PCE data will be released. This data plays a key role in measuring the Fed’s inflation target.

FTX will begin its second-round payments in the bankruptcy process, with a total distribution expected to reach $5 billion.

Tokens to Be Unlocked

• $BIO: 340 million tokens, ~$28M, May 28

• $OP: 32.21 million tokens, ~$24M, May 31

• $ALT: 240 million tokens, ~$7.5M, May 31

• $BONK: 504 billion tokens, ~$10M, June 1

• $SUI: 44 million tokens, ~$154M, June 1

An increase in supply may cause prices to drop. Investors holding positions in these projects should carefully evaluate their decisions. Given the potential market impact of these unlocks, investors may need to make quick decisions during this period. However, avoiding panic selling or excessive buying due to emotional reactions is crucial for long-term success.

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According to NBC News, Ossoff said, “I saw just 48 hours ago; he’s granting audiences to people who buy his meme coin,” arguing that selling access to the President for financial gain constitutes an impeachable offense.

The Senator added that impeachment would be difficult unless the Democratic Party retakes control of Congress in the 2026 midterm elections. Currently, Trump’s Republican Party holds a majority in both the House and the Senate.

Private Dinner Invitation for TRUMP Coin Holders

On April 23, the official TRUMP token website announced that President Trump would host an exclusive dinner at his Washington, DC golf club for the top 220 TRUMP wallet holders.

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The website published a leaderboard to track eligible wallets and specified that participants must pass background checks and cannot be from any country flagged in Know Your Customer (KYC) watchlists. Guests are not allowed to bring additional companions.

Following the announcement, the TRUMP token price surged by more than 50%. However, on April 25, the TRUMP team denied rumors that participants would need to hold at least 300,000$ worth of TRUMP to attend, clarifying that the official leaderboard is the only accurate source.

Conflict of Interest Concerns Rise

Legal experts have raised serious concerns about potential conflicts of interest surrounding Trump’s cryptocurrency ventures, including the TRUMP memecoin and the Trump-affiliated decentralized finance (DeFi) protocol World Liberty Financial.

Charlyn Ho of law firm Rikka emphasized that several executive orders signed by Trump significantly impact the crypto and digital assets industry, warning that “if he derives personal financial benefits from his own policies, that’s a conflict of interest.”

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White House Signals Support for DeFi Industry!

David Sacks, the AI and crypto czar in the Trump administration, stated on March 4 that the White House backs legislative efforts to overturn the IRS regulation expanding the definition of “broker” to include DeFi access providers.

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Sacks confirmed via X (formerly Twitter) that the administration supports a resolution introduced by Texas Senator Ted Cruz and Ohio Representative Mike Carey under the Congressional Review Act to repeal the rule.

Senior White House advisers have reportedly recommended that Trump sign the resolution into law if passed by Congress.

Why Is the DeFi Broker Rule Controversial?

The IRS rule aims to classify software providers enabling access to DeFi protocols as brokers, thereby imposing strict reporting obligations on them.

The crypto community argues that such regulations could stifle innovation and undermine the decentralized nature of DeFi. White House support for rescinding the rule sends a positive signal to the DeFi industry.

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The Senate voted 60-38 to overturn the rule, known as Staff Accounting Bulletin (SAB) 121, which was issued by the SEC in 2022. The rule had been met with strong opposition from the crypto industry, which argued that it would stifle innovation and make it more difficult for institutional investors to access cryptocurrencies.

SAB 121 Provisions

Under SAB 121, crypto custodians would have been required to treat cryptocurrencies as liabilities on their balance sheets. This would have made it more difficult for banks to offer crypto custody services, as it would have increased their capital requirements.

The vote to overturn SAB 121 was bipartisan, with both Democrats and Republicans voting against the rule. This suggests that there is strong opposition to the SEC’s approach to crypto regulation in both chambers of Congress.

The Senate’s vote is expected to be sent to President Joe Biden, who has previously indicated that he is supportive of the crypto industry. It is likely that Biden will veto the rule, which would mean that it would not go into effect.

Implications for Crypto Industry

The Senate’s vote is a major victory for the crypto industry and is likely to be seen as a sign that Congress is supportive of innovation in the space. It is also a blow to the SEC, which has been criticized for its heavy-handed approach to crypto regulation.

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