US Senate To Vote On Stablecoin Bill Before May 26: Report

Monicah W

US Senate To Vote On Stablecoin Bill Before May 26: Report

The US Senate will allegedly vote on the Stablecoin bill before May 26. The bill, also known as the GENIUS ACT, will help provide clarity and regulate stablecoins, such as Tether’s USDT and Circle’s USDC.

US Senate To Vote On Stablecoin Bill Before Memorial Day

According to a Politico report, Senate Majority Leader John Thune has privately informed GOP Senators that the upper chamber will vote on the landmark stablecoin bill before Memorial Day, which comes up on May 26. The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act forms part of this administration’s plans to provide regulatory clarity for the crypto industry.

The report noted that the bill will likely draw bipartisan support on the floor of the Senate, considering that five Democrats already voted in support at the Senate Banking Committee level. If passed, this bill could be the first major US crypto legislation, which will represent a massive win for the crypto industry, which has been clamouring for regulatory clarity for a while now.

Pro-crypto Republican Senator Cynthia Lummis also suggested that this report was true, as she reacted to it in an X post. The senator has been vocal about her support for digital assets and recently called out the Federal Reserve for its crypto policy withdrawal.

The leading stablecoin issuer, Tether, will undoubtedly be keeping an eye on whether the stablecoin bill passes or not. As CoinGape reported, the USDT issuer plans to launch a stablecoin exclusively for US clients. The firm’s CEO, Paolo Ardoino, remarked that they are awaiting the new rules for stablecoin regulation before making their next move.

This development also comes amid reports that USDC issuer Circle could go public soon. The stablecoin had initially planned to file an IPO this month, but delayed the plan following Trump’s tariffs, which negatively impacted global markets. The USDC issuer just acquired a license from Abu Dhabi’s financial regulator to operate a money service business.

The post US Senate To Vote On Stablecoin Bill Before May 26: Report appeared first on CoinGape.

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Altcoin Season To Hit in Q3? Korean Crypto Survey Points To Rally

Altcoin Season

The post Altcoin Season To Hit in Q3? Korean Crypto Survey Points To Rally appeared first on Coinpedia Fintech News

As the crypto market begins to recover from recent uncertainty and volatility over macro factors, a shift in market sentiment is emerging, with investors growing more optimistic. 

A recent survey of 2,000 Korean crypto investors conducted by CoinNess and Cratos reveals that there has been a shift in market sentiment from Bitcoin to altcoins. While 33% of the respondents predict Bitcoin price surge this week, 35.7% predict the market to stay steady. Only over 31% of the investors expect a dip in prices.

Investors Eye Potential Rebound for Altcoins

Coming to altcoins, although the altcoin prices are struggling, investors expect a possible rebound to be right around the corner. over 36% believe that the next altseason could begin in Q3. While 22% expect it to come later this year in Q4, 16.7% of them predict that the season could start as soon as this quarter.

However, 13.3% of the group does not expect a bull run this year at all while 11.3% of them believes that the altcoin season is already over. Despite the improved outlook on the prices, the overall market sentiment still seems to be nervous. 46% of the investors feel fear or extreme fear. While 29.3% of them were neutral, only about 24.7% were optimistic or extremely optimistic. 

Lets Gauge The Altcoin Season Index

According to data from CoinMarketCap, the CMC Altcoin Season Index is currently at just 16 which is well below the threshold for altseason to begin. This might suggest that Bitcoin is still dominating the market, especially after its strong rebound following the Trump Tariffs scare that briefly dragged it down to the $75K range.

Since the launch of Bitcoin ETFs in January 2024, Bitcoin has maintained dominance with over 60% of the market share, while altcoins remain below 40%. As prices continue to recover, it remains to be seen whether altcoins can outperform Bitcoin in the coming months.

Analyst Shares Bullish Outlook

Crypto analyst Altcoin Gordon has shared a bullish outlook for the crypto market. He said that various indicators are hinting towards a huge bull market with the onset of altcoin season. 

Bitcoin has finally broken above $87,000, now trading at $88,054, up around 3% over the past week, while altcoins are still struggling to gain momentum. Major tokens like Ethereum ($1,575), XRP ($2.08), and Solana ($138.91) have all slipped slightly in the past 24 hours, down 0.5%, 0.3%, and 0.2%, respectively. 

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The post Altcoin Season To Hit in Q3? Korean Crypto Survey Points To Rally appeared first on Coinpedia Fintech News
As the crypto market begins to recover from recent uncertainty and volatility over macro factors, a shift in market sentiment is emerging, with investors growing more optimistic.  A recent survey of 2,000 Korean crypto investors conducted by CoinNess and Cratos reveals that there has been a shift in market sentiment from Bitcoin to altcoins. While …

XRP Lawyer Warns Stablecoin Bill Could Delay Till 2029; Here’s Why

XRP Lawyer Warns Stablecoin Bill Could Delay Till 2029; Here's Why

The GENIUS Act and stablecoin regulation have been the major topics of discussion over the past few weeks. Now, XRP lawyer John Deaton has joined the conversation, warning that the Senate’s inaction on the stablecoin bill may push crypto reform until 2029.

Notably, Deaton aligns himself with Messari Founder Ryan Selkis, emphasizing the importance of passing the GENIUS Act. This stance reflects Deaton’s broader advocacy for clearer crypto regulations.

GENIUS Act Inaction: Will the Stablecoin Bill be Delayed?

The crypto community has been disappointed with the US Senate’s failure to pass the much-hyped stablecoin bill. While many prominent figures have spoken out against the move, XRP lawyer John Deaton has become the latest voice. In his recent X post, John Deaton wrote,

If Congress can’t get the GENIUS Act passed, we won’t see a Market Structure’s Bill, which means we won’t see any long-lasting reform until 2029, depending on how the Presidential election goes.

Significantly, Deaton responded to Ryan Melkis’s statement that crypto legislation under Trump’s presidency might face significant challenges without the stablecoin bill.

Why Is the GENIUS Act Important?

According to the XRP lawyer, the GENIUS Act is a “no-brainer.” This means that the act is a bipartisan opportunity that aligns with America’s national interests, making it a logical choice for politicians who prioritize the country’s interests.

Furthermore, Deaton added that the stablecoin bill is often referred to as the “Dollar Dominance Bill” as it tends to maintain the US dollar’s global currency status. He added that driving demand for US Treasury securities is crucial to maintain the USD’s dominance as other nations push for de-dollarization. His post read,

We’re in an era when other nations are attempting to de-dollarize the world. We MUST drive demand for UST and ensure the USD remains the world’s reserve currency. If politicians can’t get the Genius Act through, then there’s little chance more complex, long lasting, legislation will pass.

However, crypto critics like Senator Elizabeth Warren remain sceptical about the GENIUS Act. She believes that Trump’s stablecoin project raises serious national security concerns. Thus, Warren added, “The Senate shouldn’t greenlight this corruption by passing the GENIUS Act without fixes.”

The post XRP Lawyer Warns Stablecoin Bill Could Delay Till 2029; Here’s Why appeared first on CoinGape.

ETF Analyst Eric Balchunas Calls Out Gold Maxis Amid Bitcoin ATH

Bitcoin (BTC) recently soared to a new all-time high (ATH), sparking a fresh wave of macro debate across social media. Gold purists and crypto advocates are once again locking horns.

The pioneer crypto’s role in mainstream finance continues to grow, threatening gold’s status as a safe-haven asset.

Bitcoin’s New All-Time High Has Gold Maxis Coping, Not Converting

The debate followed a snide remark from gold enthusiast Debra Robinson, who highlighted Bitcoin’s foray past the $118,000 threshold.

While intended as a dig at Bitcoin’s perceived artificiality, the comment drew sharp rebuttals from some of crypto’s most respected macro thinkers, with investor Preston Pysh quickly firing back.

“Imagine paying for man-made numbers on GLD where you can’t even audit whether the numbers are real or not,” wrote the investor.

Macro strategist Lyn Alden offered a more tempered take, suggesting gold holders adopt a hybrid strategy.

“Precious metal enthusiasts could buy a Bitcoin position of like 5% of their metals position,” Alden wrote.

According to Alden, this would hedge against the risk of Bitcoin gradually taking market share. The macro strategist, who has long emphasized risk-balanced portfolios, also responded to a growing chorus of skeptics questioning the logic of diversifying into Bitcoin.

Meanwhile, other users argue that most gold holders already own Bitcoin, but not vice versa. Alden ascribes the strong pivot among Bitcoin holders to focus on BTC to its massive outperformance relative to gold.

“Given bitcoin’s massive outperformance vs gold, it’s harder to convince someone to dilute/diversify in that direction,” she added.

As the pioneer crypto continues to outpace traditional hedges like gold, the philosophical divide between “savers” and “speculators” seems to widen.

Peter Spina, a precious metal maximalist, says Bitcoin proponents promote casino-like risk over the conservative ethos of precious metals.

However, crypto observers see this resistance as part of a deeper emotional hurdle, with Bloomberg ETF (exchange-traded fund) analyst Eric Balchunas calling for a shift in mentality.

“Pride is a hell of a drug. You see it a lot on here—people just unable to take the L sometimes,” he chimed.

Balchunas’ comment resonated with many in the Bitcoin community who view continued gold maximalism as increasingly irrational in the face of market performance.

Bitcoin is up nearly 140% year-to-date, while gold is up just over 40%.

Bitcoin (BTC) vs Gold Price Performances
Bitcoin (BTC) vs Gold Price Performances. Source: TradingView

While some see room for both assets to coexist, online tone suggests the competition remains fierce. As the Bitcoin narrative matures, its price continues to climb into uncharted territory.

The post ETF Analyst Eric Balchunas Calls Out Gold Maxis Amid Bitcoin ATH appeared first on BeInCrypto.