20th May 2025 > > GENIUS & the SEC.

tl;dr

GENIUS passes another hurdle on its way to the statute book. The SEC is stepping up to facilitate the crypto revolution.

Market Snap

Market Wrap

Another assault overnight on the $107k price point leaves us just shy of new ATHs with all that clear blue sky above, at the same time as the futures perpetual funding rate shifts in favour of a potential short squeeze higher.

Curious Cryptos’ meme corner

h/t Milk Road as always (https://themilkroad.beehiiv.com/subscribe?ref=o5CmCFhBAK).

Curious Cryptos’ Commentary – Gotta love Michael Saylor

Curious Cryptos’ Commentary – GENIUS

The GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins) was voted 66-32 in favour, preventing any filibustering, by the US Senate to advance for a full debate. This opens the way forward to establish the first comprehensive legislative framework for stablecoin regulation.

Bloomberg reported that it might not all be plain sailing from here on in:

“Some House Republicans want to merge it with a follow-on bill governing the regulation of cryptocurrencies more broadly. The House and Senate will have to reconcile any differences in legislation before sending a final version to Trump’s desk.”

My view is that we should take the win, get stablecoin regulation – which is the most pressing issue – in place and then let the SEC work its magic with regard to the categorisation and regulation of all other cryptos. After all, Warren and Gensler showed the full extent of the power of the SEC to blockade the crypto revolution. Now, we can harness that power to accelerate the crypto revolution. Perhaps the Gensler demonstration of how to weaponise the SEC means that we owe a favour to Warren’s anti-freedom and anti-liberty army, which is a nice piece of irony to wave furiously in their contorted faces as they try to come to terms with just how much control over our lives that they have lost.

Curious Cryptos’ Commentary – Paul Atkins & the SEC

Paul Atkins, the new Chair of the SEC, is in full agreement with the CCC on how the SEC can help. Yesterday, Paul had this to say:

“As I begin my tenure as Chairman, I can tell you that we are getting back to our roots of promoting, rather than stifling, innovation. The markets innovate, and the SEC should not be in the business of telling them to stand still.”

The full text of his speech is here:

https://www.sec.gov/newsroom/speeches-statements/atkins-prepared-remarks-sec-speaks-051925

Anyone with a passing interest in cryptos will recognise this description by Paul of the SEC under its previous management:

“Initially, the SEC first pursued what I call the “head-in-the-sand” approach — perhaps hoping that crypto would go away. Then, it pivoted and pursued a shoot-first-and-ask-questions-later approach of regulation through enforcement. The “just come in to visit” entreaty often meant coming home to a subpoena. It seemed like a catch-22 for market participants. This environment did not create trust.”

Paul has already made the world a far better place with the removal of some previously insurmountable obstacles, especially SAB 121, to the crypto revolution in the US. We have every reason to be confident he will deliver much more in the coming months and years.