Senate Passes Crypto-Friendly ‘GENIUS Act’
Key Takeaways
- The Senate passed the GENIUS Act Tuesday, giving a boost to stablecoin cryptocurrencies.
- As their name suggests, stablecoins are meant to have unchanging value relative to the U.S. dollar, in contrast to more volatile cryptocurrencies like Bitcoin.
- The bill requires companies issuing stablecoins to back their coins with safer assets like U.S. dollars or Treasurys.
- Critics including Elizabeth Warren said the bill does nothing to prevent someone from bribing the president with stablecoins: a concern because Trump and his family are heavily entangled in cryptocurrency.
A bipartisan bill regulating and promoting “stablecoin” cryptocurrencies passed in the Senate Tuesday in a 68-30 vote, giving a boost to the legitimacy of…
