GENIUS Act Stablecoin Bill Passes Preliminary Vote: Crypto Market Impact
A long-anticipated stablecoin bill has broken through Senate opposition to bring a key piece of crypto legislation one step closer to becoming law.
The bill advanced in a procedural vote that garnered bipartisan support two weeks after Democrats balked at the proposed legislation.
Early opposition feared that the bill would enable conflicts in President Donald Trump’s crypto dealings, which have drawn scrutiny on both sides of the aisle. While some Democrats continued to staunchly resist the bill this week, an amended version was moved forward in a 66-32 vote.
With the Genius Act now headed for debate on the Senate floor, here’s what the legislation is aiming to accomplish
