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Justin Slaughter
@jbsdc
Wondering why Genius didnt move forward on Thursday? Here’s the real scoop: First, the Trump stablecoins deal with Abu Dhabi was a big factor and created a lot of bad pressure on Dems to something about it. That probably was the first issue.
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Justin Slaughter
@jbsdc
The second issue is that the bill did shift a bit from the one voted on in cmte. Dems made some asks for changes but so did parts of industry. That’s normal but caused strife.
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Justin Slaughter
@jbsdc
Third issue is the anti tech nonprofit groups activated at the request of Sen Warren and, also, the banking lobby. You can see a lot of this discussed on Blue Sky and LinkedIn if you follow the right people. Gary Gensler’s former top two crypto staffers played a big role.
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Justin Slaughter
@jbsdc
This culminated in things like a Bernie Sanders livestream where he clearly had no idea what crypto was, but was told it was “completely useless” and used “for murder online.” https://x.com/tech_oversight/status/1920114954658582913?s=46&t=6pIOBuXCDYR3MDdqas9hTg
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Justin Slaughter
@jbsdc
Basically, crypto still doesn’t have an ability to rebut the lies about our space (including the idea this bill is deregulatory) when they come in small hermetically sealed bubbles. Genius probably still passes, but until we solve this issue, market structure won’t.
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