What to know about the GENIUS Act, a crypto regulation bill
(NEW YORK) — The Senate voted 68-30 late Tuesday to pass the GENIUS Act, a bill that aims to regulate some cryptocurrencies.
The bill faced some Democratic opposition over President Donald Trump’s cryptocurrency ventures, but it ultimately garnered support from 18 Democrats, including Sens. Cory Booker, D-N.J., and Adam Schiff, D-Calif.
The industry-backed measure establishes rules targeting stablecoins, a type of cryptocurrency pegged to the value of another asset, often the U.S. dollar.
Proponents hailed the bill as a means of protecting consumers and setting industry standards, which could allow such crypto coins to become a mainstream tool for digital payments and other financial instruments.
Critics warned, however, that the…
