Crypto Roundup: GENIUS Act Falls Short; Meta Unveils Stablecoin
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The GENIUS Act’s failure in the Senate signifies a setback in crypto regulation efforts.
Recently, the U.S. Senate voted on one of the year’s most pivotal crypto bills: the Guiding and Establishing National Innovation in U.S. Stablecoins (GENIUS) Act. This legislation, intended to establish a national regulatory framework for payment stablecoins, did not succeed, receiving 49 votes against and 48 in favor, which fell short of the 60 votes required for passage.
Initially, the GENIUS Act had bipartisan support alongside backing from the crypto community. However, Democratic support waned when concerns arose about President Donald Trump’s involvement in the crypto sector.
Trump and his family have a substantial investment in World Liberty Financial (WLF), which recently launched its own stablecoin. Detractors of the GENIUS Act argue that enacting the bill in its current version could allow the Trump family to benefit financially, creating a conflict of interest for a sitting president.
Moreover, critics expressed national security worries, noting that foreign investors could acquire significant amounts of the Trump-associated stablecoin via World Liberty Financial, potentially granting them undue influence or access to the presidency.
While these concerns have merit, they highlight deeper issues at play. The GENIUS Act likely would have favored Trump-related projects and could have introduced lobbying and anti-money laundering vulnerabilities. More importantly, the failed vote raises questions about the future of crypto regulation.
Up until now, the momentum for crypto policy in 2025 has primarily stemmed from executive actions, including presidential directives and leadership shifts at agencies like the Securities and Exchange Commission (SEC). The GENIUS Act’s failure marks one of the first major setbacks in a Senate vote for crypto-related legislation.
Although this failure doesn’t eliminate the possibility of stablecoin regulation, it indicates a need for revisions before reconsideration. Furthermore, it casts doubt on the viability of other crypto and blockchain initiatives. If this bill drew such intense scrutiny, then the road ahead for crypto legislation in Congress could be considerably more challenging than anticipated.
Meta revisits stablecoin integration for Facebook, Instagram, and WhatsApp.
After its unsuccessful internal stablecoin experiment, Meta (NASDAQ: META) has reignited interest in stablecoins. From 2019 to 2022, Meta (then known as Facebook) spent years trying to launch its own stablecoin, initially named Libra and later rebranded as Diem, before ultimately discontinuing the project due to global regulatory challenges. However, Meta appears to be exploring stablecoins again.
According to sources close to the situation, Meta is back in talks with third-party stablecoin providers. While still in the preliminary stages, Meta appears more interested in acting as a platform for stablecoins rather than developing one internally.
Two main reasons are driving Meta’s renewed interest: the opportunity to facilitate low-cost cross-border payments directly through its applications and the ability to enable payouts—likely to content creators—using stablecoins instead of traditional currency.
Back in 2019, Meta’s efforts to launch a stablecoin were highly scrutinized because all aspects of the Libra/Diem project were handled internally, making it a target for regulation. Lawmakers globally were uneasy about a corporation of Meta’s size issuing its own currency, leading to growing skepticism and ultimately, the project’s collapse.
Today, however, the regulatory landscape for crypto and stablecoins has evolved, becoming more accommodating. Established service providers are now available, and notably, Meta seems less inclined to create its own stablecoin. Given these changes, it is difficult to envision a repeat of previous failures. The key question now is: what will stablecoin integration on Meta entail, and will users embrace this feature?
Coinbase acquires Deribit in a landmark $2.9 billion deal.
Last week, the most significant crypto acquisition to date took place when Coinbase (NASDAQ: COIN) announced its agreement to acquire Deribit, the leading BTC and Ethereum options platform, for $2.9 billion. This acquisition positions Coinbase as the global leader in crypto derivatives by both open interest and options trading volume.
In a blog post, Greg Tusar, Coinbase’s VP of Institutional Product, articulated the company’s vision:
“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 outside the U.S. We anticipate substantial growth in crypto options, akin to the equity options boom of the 1990s.”
Beyond the acquisition itself, this event signifies a wider trend: the rise of M&A activity within the crypto sector. According to Blockworks, 62 crypto M&A transactions occurred in Q1 of 2025 alone, a record-setting figure. The Wall Street Journal reports that, as of April, crypto firms had completed 88 deals worth $8.2 billion, nearly tripling the value of all deals made in 2024.
This increased deal activity is a robust indicator of industry vitality and suggests that the crypto sector is maturing, prompting companies to seek growth through strategic acquisitions.
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