​​Top Crypto Tweets Today: Scott Bessent on the GENIUS Act’s Failure & More

The US Senate has rejected the GENIUS Act – short for Guiding and Establishing National Innovation for U.S. Stablecoins –  a bill aimed at regulating stablecoins.

US Treasury Secretary Scott Bessent called the decision a missed opportunity, saying the bill can help the US lead the global digital assets industry.

Still, the crypto market hasn’t slowed down. Bitcoin is currently trading around $102,700, up 6% in the past 24 hours.

Below, we feature 5 of the most popular posts on X/Twitter covering recent crypto developments and analysis:

• Scott Bessent criticizes the Senate for blocking the GENIUS Act
• “The crypto market is waking up,” says Web3 content creator Jeff 
• Doodles NFT Collection nears the $DOOD airdrop
• Hester Peirce suggests allowing DLT use under certain conditions
• Stripe teams up with Ramp for stablecoin-backed cards, announces CEO Patrick Collison

1. Scott Bassent Blames Senate for Not Advancing the GENIUS Act 

US Treasury Secretary Scott Bessent criticized the Senate’s failure to pass the GENIUS Act on May 8, 2025 – a bill aimed at creating a federal framework for stablecoin regulation. 

The bill has faced strong opposition from Democrats, who raised concerns about its intent, arguing that it served US President Donald Trump’s interests in expanding his influence in crypto.

Bessent, however, believes the bill could strengthen the dollar’s dominance and boost US leadership in financial innovation. 

Senators who voted to stonewall U.S. ingenuity today face a simple choice: Either step up and lead or watch digital asset innovation move offshore,

he said.

During the hearing, Senate leader Thune changed his vote to “No” to allow the Senate to revisit the legislation at a future date.

2. Jeff Talks Crypto Market Revival in New Post 

Web3 content creator Jeff (@JefferyCrypt) commented on the rise in crypto prices over the last 24 hours. Various factors – such as Donald Trump’s signals about a potential trade deal with the UK, the Fed’s decision to maintain interest rates, and growing institutional interest – have contributed to the rally.

In the past 24 hours, the total crypto market cap rose by 6.8%, currently standing at around $3.2 trillion.

According to @JefferyCrypt, the rally isn’t just a lucky bounce but a reward for those who stayed in the market through the downturns.

3. Doodles’ $DOOD Token Airdrop Is Here—Doodien Awaits the Launch

NFT artist Doodien (@GuyIncognitoILV) shared news about the $DOOD token airdrop, scheduled for May 9 at 09:05 a.m. ET. $DOOD is the native cryptocurrency of the Doodles NFT collection, created to support community engagement and governance.

Doodien clarifies that his post isn’t promotional, adding “NFA (not financial advice)” in the caption. 

Doodles launched in 2021 and is known for its distinctive art style and active community. According to DappRadar, it’s among the most popular NFT collections, with over $1.4 million in trading volume in the past 24 hours.

4. Hester Peirce Proposes Conditional Approval for Firms to Use DLT 

Hester Peirce, also known as Crypto Mom, has proposed an exemption that would let companies use distributed ledger technology (DLT) to:

• issue, 
• trade, 
• settle securities.

In a letter on May 8, Peirce shared that the SEC is considering allowing firms to bypass some rules to explore new ways of trading digital securities.

Currently, using automated systems for trading tokenized assets is tough because the current rules don’t fit. Companies would need to register under different categories, which is complicated and costly.

Since only a few tokenized securities are available, many firms aren’t willing to invest the time or money to overcome these challenges. Plus, there aren’t enough platforms to trade these assets, making companies even less likely to issue them.

This potential exemption could help break that cycle and give the SEC more time to update its rules for DLT-based systems.

5. Stripe CEO Patrick Collison Talks about Partnership with Ramp 

Patrick Collison, Stripe's CEO, announced a partnership with Ramp to launch stablecoin-backed corporate cards, starting in Latin America. These cards will allow businesses to seamlessly move funds between traditional fiat currencies and stablecoins, making international money transfers faster and more efficient.

Stripe is a global leader in online payment processing, helping businesses manage transactions and financial operations. In this partnership, Stripe will provide the infrastructure to enable payments and stablecoin transactions for the new corporate cards.

Ramp, a fintech company specializing in spend management, will support businesses in tracking and controlling their expenses.