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Justin Slaughter

@jbsdc

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Justin Slaughter pfp
Justin Slaughter
@jbsdc
The final fight on GENIUS is going to be on an amendment unrelated to crypto: the Credit Card Competition Act of Durbin and Marshall, changing how credit cards can restrict network access & might change rewards systems. Merchants love it, banks hate it. It’s on net a good bill, but if included, banks might kill GENIUS. Needs 60 votes to pass. https://www.congress.gov/bill/118th-congress/senate-bill/1838/text
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Justin Slaughter
@jbsdc
I think they genuinely trust her as a master of the details of finreg and therefore crypto.
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Justin Slaughter
@jbsdc
When these kinds of pieces stop engaging in hyperbolic nonsense, that’s when we’ll finally have a rational policy discussion about crypto among all policymakers.
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Justin Slaughter
@jbsdc
I sometimes read anti crypto pieces and am usually the most struck by not just how inaccurate they are but how they seem to fear regulation because it will make crypto seem safer, thereby enticing people join it and be hurt by the inevitable crash. Just a cascade of false assumptions. This is an especially good specimen. https://washingtonmonthly.com/2025/05/20/why-are-some-democrats-making-cryptocurrency-too-big-to-fail/
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Justin Slaughter
@jbsdc
CCM voted yes, Warnock voted no then yes, Cantwell and King voted no ultimately.
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Justin Slaughter
@jbsdc
If you want to watch the cloture vote on Genius live, it will be at this link in about 10 minutes. https://www.senate.gov/legislative/floor_activity_pail.htm
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Justin Slaughter
@jbsdc
Most important senators to ping (imo): Warnock (D-GA) Cantwell (D-WA) Cortez-Masto (D-NV) King (I-ME)
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Justin Slaughter
@jbsdc
Little known secret: Senators track the calls that come into their office every day from their constituents on each issue. It’s treated as proof of how their states care about that issue. If you’re in crypto, you should take 5 minutes Monday to call your senators. Don’t email, call like a boomer. https://www.senate.gov/general/resources/pdf/senators_phone_list.pdf
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Justin Slaughter
@jbsdc
I’m about 90% GENIUS passes into law next week at this point. Vibe/whispers in DC are that the vast majority of people in Congress and policy circles want to finally craft some laws on stablecoins and begin the process of crafting a regime for this part of crypto. The main obstacles are banks, Trump, and nonprofits.
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Justin Slaughter
@jbsdc
Tougher restrictions on yield, no Meta/Google stablecoin, few other things. Defi seems ok. Gary’s former top crypto staffer is flipping out on BlueSky so that’s a signal it’s a good deal.
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Justin Slaughter
@jbsdc
There’s a deal on Genius. First vote early next week.
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Justin Slaughter
@jbsdc
So far, it doesn’t seem to be happening as feared. But there will be some KYC/AML in the bill (especially the provisions pushing companies to come onshore)
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Justin Slaughter
@jbsdc
Genius seems to be tracking better. Dems and GOP appear to genuinely trying to find a workable compromise.
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Justin Slaughter
@jbsdc
There needs to be a documentary about how big a deal Nintendo Power was to both the growth of gaming culture and to the general childhood of Millennials. There’s a need for something similar aimed at 8-12 year old boys today.
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Justin Slaughter
@jbsdc
Im resolving to post more here through the summer.
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Dan Romero
@dwr.eth
Excellent overview of the draft market structure bill—much more important than the stablecoin bill for crypto builders—from @jbsdc. https://x.com/JBSDC/status/1919509884426490179
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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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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
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
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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