Stablecoin Bill Victory & JPMorgan Capitulates!🚀

The GENIUS Act scores a huge win in the senate and the world's largest bank embraces Bitcoin!

May 20, 2025

Hey Thinkers 💡

The crypto industry kicked off the week with two massive victories—one on Capitol Hill, the other on Wall Street. These developments mark a major step forward for digital assets in the U.S. and underscore just how far the space has come.

🇺🇸 Stablecoin Bill Clears Major Senate Hurdle

On Monday, the GENIUS Act, a landmark bill that establishes a legal framework for stablecoins, passed a key procedural vote in the Senate with over 60 votes—including more than 15 Democrats flipping from "no" to "yes". This motion for cloture now advances the bill to the debate and amendment phase on the Senate floor.

Senator Bill Hagerty, who spearheaded the legislation, celebrated the moment on X:

“Tonight, the Senate moved forward on the GENIUS Act. This groundbreaking, bipartisan legislation will bring America’s payment system into the 21st century... It will ensure U.S. dollar dominance. Customers will be protected, the demand for U.S. treasuries will balloon to the tune of more than $1 trillion, and innovation in the digital asset space will thrive in the United States going forward.”

This is a monumental step toward modernizing payments, reducing fees, and bolstering the U.S. dollar’s reserve currency status. When passed into law, expect a wave of innovation from both crypto-native firms and traditional financial institutions.

Need a reminder of the stakes? Back in February, Bank of America CEO Brian Moynihan said the bank would issue a stablecoin if Congress legalized it. That moment may be closer than ever.

🏦 JPMorgan’s Bitcoin Capitulation

In a move few could have predicted a few years ago, JPMorgan CEO Jamie Dimon confirmed on Monday that the bank’s clients can now buy Bitcoin. This announcement came during JPMorgan’s annual investor day.

While Jamie reiterated his personal skepticism about crypto, this is a massive about-face from someone who once threatened to fire employees for touching Bitcoin. Now, under pressure from peers like BlackRock, whose IBIT ETF holds 636,000 BTC, even JPMorgan has had to join the revolution.

This marks a turning point: the world’s largest bank and Bitcoin’s most famous critic has finally relented. It’s a clear message—crypto is no longer optional for Wall Street players.

JPMorgan now joins other major institutions like Morgan Stanley, which already offers Bitcoin ETF exposure to its clients. And this isn’t new territory for JPMorgan. Despite Jamie's vocal criticisms, the bank has:

Invested early in Consensys, the team behind MetaMask and Ethereum infrastructure
Built its own private Ethereum fork, Quorum
Launched JPM Coin, a stablecoin for internal settlements
Recently partnered with Ondo Finance to explore tokenized settlements

🚀 The Takeaway

Both the GENIUS Act and JPMorgan’s pivot highlight one truth: crypto is becoming foundational to the future of finance. From Washington to Wall Street, the tides are turning in favor of blockchain-based innovation.

We’re witnessing a historic alignment of policy, institutional adoption, and technology, and it's only just beginning.

Stay tuned. Big things are coming.

___________________________________________

💥Thank You to my show Sponsors

Uphold is one of the best crypto exchanges out there and I have been using them since 2018!

Propy (PRO) is a blockchain-based real estate marketplace and decentralized title registry that leverages smart contracts to facilitate property transactions globally. It simplifies and automates real estate transactions, making them faster, more secure, and more transparent.

Trezor produces quality crypto hardware wallets that make it easy for you to safely store your assets. It pioneered the development of self-custody for crypto assets, empowering individuals with an open-source device that enables secure and independent storage of cryptocurrencies.

VeChain is a leading enterprise-grade L1 public blockchain, spearheading a digital revolution from a sustainable, highly scalable smart contract platform.