Coinbase and Ripple Battle for Circle as Senate Advances Stablecoin Bill Amid Crypto Scandal

This week brought a wave of high-stakes developments in the crypto space, with Coinbase and Ripple reportedly in a bidding war to acquire Circle, the issuer behind the $32 billion stablecoin USDC.

The acquisition would represent a major shift in influence within the stablecoin sector and could determine which platform takes the lead in shaping the future of U.S.-regulated digital dollars.

At the same time, lawmakers in Washington are accelerating efforts to define the rules of the game. The U.S. Senate has advanced the GENIUS Act, a long-awaited piece of legislation designed to bring regulatory clarity to stablecoin issuers.

The bill, if passed into law, would mark one of the first major federal crypto regulations in the U.S.

However, the path to consensus is anything but smooth. Senators Cynthia Lummis and Elizabeth Warren exchanged sharp words on the Senate floor regarding the GENIUS Act’s language and intentions.

Lummis has consistently advocated for pro-innovation frameworks, while Warren remains skeptical of crypto’s risks, calling for stronger consumer protections and oversight.

To make matters even more complicated, former President Donald Trump has been linked to alleged crypto-related corruption, according to recent reports.

Though details are still emerging, the claims are already influencing the political tone around digital assets and financial integrity.

With Circle’s ownership in play, legislation advancing, and political tensions rising, the stablecoin landscape is at a critical turning point.