The Senate has passed the GENIUS Act, legislation to regulate stablecoins, marking an important step in establishing consumer protections in the cryptocurrency market. The vote, which was 68-30, saw bipartisan support but also raised concerns among some Democrats about the bill's adequacy. Senior senators highlighted the bill's potential to shape the financial system while asserting that it represents a significant move towards the U.S. taking a leadership role in the global crypto landscape. This legislative advancement reflects the industry's growing influence amid a competitive political environment.
"We weren't able to include certainly everything we would have wanted, but it was a good bipartisan effort," said Sen. Angela Alsobrooks, D-Md.
Sen. Bill Hagerty, R-Tenn., the bill's sponsor, said on the Senate floor ahead of the vote that the legislation will have "far reaching implications" for the financial system.
"With this bill, the United States is a step closer to being a global leader in crypto," Hagerty said.
The fast-moving legislation, which passed by a 68-30 vote, comes on the heels of a 2024 campaign cycle in which the crypto industry ranked among the top political spenders.
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