GENIUS Act fails; Meta’s stablecoin

Homepage > News > Business > Last Week in Crypto: GENIUS Act fails; Meta’s stablecoin The GENIUS Act fails in Senate: Crypto regulation hits a wall Last week, the U.S. Senate voted on one of the most significant crypto bills of the year: the Guiding and Establishing National Innovation in U.S. Stablecoins (GENIUS) Act. The bill, which aimed to create a national regulatory framework for payment stablecoins, fell short, receiving 49 “no” votes and 48 “yes” votes, which is short of the 60 needed to pass. The GENIUS Act was a bipartisan bill that originally had support from both parties and backing from the crypto industry. However, the support from the Democratic Party began to crumble when concerns emerged about President Donald Trump’s personal involvement in the crypto space. Trump and his family hold a significant stake in World Liberty Financial (WLF), which recently launched its own stablecoin. Opponents of the GENIUS Act argue that passing the bill in its current form would open the door to the self-enrichment of the Trump family, essentially allowing a sitting president to sign a bill that directly benefits their private crypto ventures into law. Critics also raised national security concerns, with foreign investors potentially able to buy large amounts of the Trump-affiliated stablecoin through World Liberty Financial and subsequently gain political influence or access to the president because of their position. To be fair, there’s some truth to those concerns. The GENIUS Act likely would have benefited the Trump-affiliated projects. It also could’ve created a few lobbying and anti-money laundering loopholes. But the bigger picture here is what this failed vote signals about crypto regulation going forward. Until now, most of the crypto policy momentum in 2025 has come from executive actions, either through presidential orders or changes in leadership at agencies like the Securities and Exchange Commission (SEC). However, the GENIUS Act was one of the first major crypto-related bills to go through a full Senate vote, and it failed. The bill’s failure doesn’t kill the idea of stablecoin regulation altogether. It just means it’ll likely need revisions before getting another chance. However, it also raises questions about how other crypto- and blockchain-related bills will fare moving forward. If this is the level of scrutiny that every crypto bill will attract, the path forward for crypto legislation in Congress might be much bumpier than expected. Meta eyes stablecoin integration for Facebook, Instagram, and WhatsApp After its failed internal stablecoin experiment, Meta (NASDAQ: META) has again begun signaling interest in stablecoins. From 2019 to 2022, Meta (then Facebook) spent years trying to launch its own stablecoin, which it first called Libra but then rebranded to Diem, before ultimately shutting down the project and selling its assets off due to global regulatory resistance. But now, Meta seems to be exploring stablecoins once again. According to individuals familiar with the matter, Meta is back in discussions with third-party stablecoin providers. The company is reportedly still in the early stages, but this time, it isn’t looking to build the infrastructure itself. Instead, Meta seems to be positioning itself as a platform that supports stablecoins rather than the creator of the stablecoins themselves. There are two primary use cases reportedly driving Meta’s renewed interest: first, the ability to provide low-cost cross-border payments directly through its apps; and second, enabling payouts, probably to content creators, using stablecoins instead of fiat. In 2019, when Meta tried to launch a stablecoin, everything within the Libra/Diem project was being built internally, making it a regulatory magnet. Lawmakers worldwide weren’t comfortable with a company that size launching its own global currency. As pushback grew, so did skepticism, eventually making the project too controversial to survive. But now, the landscape has shifted. In 2025, the regulatory climate around crypto and stablecoins is much more favorable. Service providers with successful track records are in place, and most importantly, Meta no longer seems interested in building its own stablecoin. At this point, it’s hard to imagine the project failing this time around. So the real question becomes: what will stablecoin integration on Meta look like, and will Meta users actually use them? Coinbase acquires Deribit in landmark $2.9 billion deal Last week, the largest crypto acquisition to date occurred when Coinbase (NASDAQ: COIN) announced it had reached a deal to acquire Deribit, the world’s largest BTC and Ethereum options platform, for $2.9 billion. The move makes Coinbase the global leader in crypto derivatives by open interest and options volume. In a blog post, Greg Tusar, Coinbase’s VP of Institutional Product, laid out the company’s thinking: “This acquisition makes Coinbase the global leader in crypto derivatives by open interest and options volume. Deribit facilitated over $1 trillion in trading volume last year across key markets ex-US. We believe crypto options are on the cusp of significant expansion—similar to the equity options boom of the 1990s.” But beyond the deal itself, this acquisition signals a much bigger trend: M&A in crypto is increasing. According to Blockworks, there were 62 crypto M&A deals in Q1 of 2025 alone, a record high. The Wall Street Journal reports that as of April, crypto firms have completed 88 deals totaling $8.2 billion, which is nearly triple the total value of deals done in all of 2024. This kind of deal volume is a strong sign of industry health. It’s also a sign that the crypto industry is maturing, which is one of the reasons why companies are looking to expand their capabilities and reach through strategic acquisitions. Watch | Decoding Prosperity: How Blockchain Drives Inclusive Growth title=”YouTube video player” frameborder=”0′′ allow=”accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share” referrerpolicy=”strict-origin-when-cross-origin” allowfullscreen=””> Source: https://coingeek.com/last-week-in-crypto-genius-act-fails-meta-stablecoin/