Last week, the crypto industry celebrated its latest victory: The Senate passed the Genius Act, which would regulate the red-hot stablecoin sector. From the sheer volume of breathless adulation, and the near-equal amount of fearmongering, you might expect that the bill will sail through the House of Representatives and land on President Trump’s desk by the end of summer. The reality, however, is much thornier.
Just to take a step back, let’s consider the sheer improbability that crypto has become one of the top legislative priorities for Congress. This isn’t health care reform or a major infrastructure vehicle. You could argue that the attempt to create regulation for the crypto sector is in the spirit of Dodd-Frank, but that landmark bill only passed in the wake of the largest financial crisis since the Great Depression and reshaped the foundation of our banking system.
