Senate passes GENIUS stablecoin bill in a win for the crypto industry
In a 68-30 vote on Tuesday evening, the Senate overwhelmingly passed the GENIUS Act with bipartisan support. Eighteen Democrats joined the majority of Republicans in passing the bill, which is the first to establish a federal regulatory framework for stablecoins, crypto tokens that are pegged to the value of the US dollar.
Its passage had not always been assured. Back in May, nine Democrats who’d previously supported the GENIUS Act suddenly reversed course, asking to revise the bill’s text, and days later, Senators Elizabeth Warren (D-MA) and Ron Wyden (D-WA) successfully killed an attempt to bring the bill to a floor vote by citing several current events involving the Trump family’s crypto ventures, including a controversial…
