Key Highlights:
- The U.S. Senate overwhelmingly endorsed the GENIUS Act, scoring a notable bipartisan victory with a vote of 68-30.
- This is the first substantial crypto legislation to successfully pass the Senate after multiple attempts faced opposition in previous years.
- The act will now go to the House of Representatives, where its future remains uncertain as lawmakers consider the next steps.
The recent bipartisan support for the stablecoin bill marks a pivotal moment in the crypto regulatory landscape, as it progresses towards the House of Representatives.
As stated by Senator Bill Hagerty, “With this bill, the United States is one step closer to becoming the global leader in crypto.” He emphasized the importance of the legislation for fostering innovations while ensuring necessary oversight.
Ji Kim, the Acting CEO of Crypto Council for Innovation, called the passage a “historic step forward for the digital asset industry.”
Similarly, Amanda Tuminelli from the DeFi Education Fund remarked, “This is a win for the U.S. and a monumental step towards fitting regulation for digital assets in the country.”
The bill aims to establish parameters for the approval and regulation of U.S. stablecoin issuers, requiring compliance with stringent reserve and transparency standards. Critics, including some prominent Democrats, have expressed concerns about loopholes and the adequacy of the proposed regulations.
The future of the GENIUS Act is closely tied to another key bill in the House focused on the broader crypto market, highlighting the interconnected nature of these legislative efforts.
