after the GENIUS Act vote at ~2pm today, 30 hours of floor debate kicked off on stablecoins in the senate..
all day it’s been a parade of democrats criticizing the bill for enabling “trump’s crypto corruption”
but this is political theater that is intentionally misleading 👇

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Under the dome of Capitol Hill in Washington, as Trump's pen crosses the last line of the <GENIUS法案>, at this moment, in a Manhattan mansion thousands of miles away, a hedge fund manager is paying a Nigerian supplier with USDT - transferred in 0.1 seconds with a fee of only $0.3. This tiny on-chain ripple is gathering into a towering wave that will reshape the global financial order. 01 Dual Hegemons: The Warring States Era of Stablecoins
-#USDT (market share 61.2%): Holding $120 billion in US Treasury bonds, with a scale exceeding Germany's national reserves, effectively becoming the 19th largest US bond holder. Its focus is shifting...

Followin

The GENIUS Act is signed: When the US dollar puts on blockchain armor

Currently, both on-chain and exchange liquidity are terrifyingly low...... If we compare the peak values of the previous two market cycles, we can see a huge difference. During the peak in March 2024, 150,000 BTC were exchanged daily on-chain (7d sma), and during the peak in November 2024, 160,000 BTC were exchanged daily, while now only 85,000 are exchanged daily.

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(Figure 1) Even more remarkably, on April 28th when BTC rebounded to $95,000, it was the day with the best on-chain liquidity in this market cycle. And $95,000 happens to be near the average cost line for short-term holders, which should have many...

Viewpoint: Whether on-chain or on exchanges, liquidity is terribly low, and the risks are getting higher and higher?

1. Perhaps there is spot supply at a high level, taking advantage of the short-side liquidity here. After all, those holding short positions will panic when the price approaches this liquidation zone and choose to close their shorts... Futures buying will take over spot selling, and the price will remain range-bound, which is quite reasonable. ——Crypto_Painter @CryptoPainter_X

2. Speculation: <ETH> staking ETF is about to be approved, and insiders are rushing to build positions. Reasons: 1. BlackRock's continuous increase in <ETH> holdings and CME's month-end open interest reaching a historical high; 2. In May, <SEC> stated that <PoS>...

Will BCT start to pull back after reaching the top, or will it consolidate and then rise? Traders say so!

GENIUS Act is a payments bill, a dollar upgrade bill, a dollar dominance bill
the world is recoiling from dollars right now. tariffs are an impediment to dollar’s reserve status, buying of our debt
if the US wants to continue the party, it needs new dollar buyers and holders

don’t buy the gaslighting
there may be crypto issues you don’t like
but this is not a crypto bill
it’s a dollar bill
and it’s good policy