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Unchained

Why the Senate Stablecoin Bill Stalled & What It Means for Crypto - Ep.832

Unchained

Laura Shin

News, Tech News, Business News

4.51.3K Ratings

🗓️ 9 May 2025

⏱️ 28 minutes

🧾️ Download transcript

Summary

The crypto industry is fixated on the U.S. Senate. On Thursday, lawmakers failed to advance the GENIUS Act, the most significant federal stablecoin bill to date. But the story isn’t over.  Behind the process is a drama about potential presidential conflicts, shifting political alliances, and unresolved policy questions. In this episode, Kristin Smith, CEO of the Blockchain Association and Amanda Tuminelli, executive director and CLO of the DeFi Education Fund, break down: Why the bill stalled but isn’t dead yet The role Trump’s crypto ties are playing Whether Democrats who once backed crypto are turning away Why advocates are still pushing for a deal this year Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com FalconX Bitkey: Use code UNCHAINED for 20% off Mantle Kristin Smith, CEO of the Blockchain Association Amanda Tuminelli, executive director and CLO of the DeFi Education Fund Timestamps: 👋 0:00 Intro 📉 2:01 Why the Senate blocked the vote but the bill isn’t dead yet 🔄 5:17 Why some pro-crypto Democrats suddenly flipped ⚖️ 8:08 Key differences between the two competing GENIUS Act proposals 🔄 14:18 Whether lawmakers are starting to shift their crypto stances 🤝 16:05 Can the Senate overcome divisions and get this across the finish line? 🏛️ 18:14 How Trump’s crypto ties are shaping the legislative battle ⏳ 20:46 Is the August deadline already slipping out of reach 📝 22:39 Combining stablecoin and market structure bills  🎉 25:59 Why Kristin says it’s a relief not to have to deal with Gensler anymore Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

Hey, all, there was so much crypto news that dropped on Thursday that we decided we wanted to do an extra bonus show on why the stable coin bill stalled in the Senate.

0:09.0

We did a live stream of my conversation with Kristen Smith and Amanda Tuminelli on Friday morning on YouTube and X.

0:15.0

And that is what we are releasing now here. Enjoy.

0:18.0

There was a tremendous amount of time at the senator level themselves that they

0:22.5

spent over the past few days negotiating this. They're not going to want that to be for no reason.

0:26.8

And so I think, you know, we will be able to get this moving forward. And I think we, regardless

0:31.5

of what the text says, even if there's flaws in the text, we want to keep the process going.

0:36.6

Because if it turns out that we can't even

0:39.2

get a simple stable coin bill through the Senate, it's going to make it very, very difficult for

0:43.3

market structure to follow suit and keep the process alive.

0:50.9

Hi, everyone. Welcome to Unchained. You're no hype resource for all things crypto. I'm your host, Laura Shin.

0:56.4

This is the May 9th, 2025 episode of Unchate. Bitkey is the Bitcoin wallet from the team behind

1:02.3

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1:08.4

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1:12.8

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1:19.0

driving the next phase of on-chain finance by supporting ecosystem products such as the

1:23.3

Mantle Index 4 or MI4 fund and mental banking, which brings real world access, yield, and utility

1:29.7

to digital assets.

1:30.9

...an AI that speaks crypto and does the work of a team of analysts.

1:36.8

Introducing Focal by Falcon X, bringing clarity to a world of noise.

1:41.9

Visit askfocal.com. All right, so today's topic is the stablecoin bill stalemate,

1:47.9

and here to discuss our Kristen Smith, CEO of the Blockchain Association, and Amanda Tuminelli,

...

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