The Senate passed the GENIUS Act with a 68-30 vote, marking a significant development for cryptocurrency regulation in the U.S. This bipartisan bill, which focuses on stablecoins, garnered substantial support from the crypto sector and financial contributions to lawmakers. Critics voiced concerns regarding consumer protections and the adequacy of the proposed financial framework. The bill is now set to move to the House of Representatives for further consideration, reflecting the ongoing influence and investment of crypto interests in U.S. politics.
The Senate voted 68-30 to pass the GENIUS Act, establishing a regulatory framework for stablecoins, with significant backing from the crypto industry and political donations.
Ji Kim, acting CEO of the Crypto Council for Innovation, hailed the vote as a historic step forward for digital assets, underscoring the bill's importance for the industry.
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