On Wednesday, the U.S. Senate took a major step to pass landmark legislation “GENIUS Act,” to regulate stablecoins.
In a bipartisan 68-30 vote, lawmakers moved to end debate on the updated GENIUS Act, which set the stage for a final vote in the upcoming days. The bill aims to establish federal guidelines to provide regulatory oversight for stablecoins.
The bill has been the subject of months of negotiations between Republicans and a group of crypto-friendly Democrats.
GENIUS Act: The First Regulatory Clarity on Stablecoins
The vote breakdown is similar to the procedural hurdle cleared in May, with 17 Democrats joining nearly all Republicans to advance the bill. However, Senator Lisa Blunt Rochester, who previously supported the measure, turned her vote to “no” this time.
She said in an interview, “I was really clear. I hoped that there would be an open amendment process, and that’s what I heard Leader Thune say around last month, so I will take a look at this language, and we’ll make a decision from there.”
While addressing the Senate floor to discuss the GENIUS Act, Senator John Thune affirmed that a significant number of netizens are engaging with cryptocurrency, including the growing use of stablecoins.
Senior United States Senator from South Dakota, John Thune, made a huge statement about cryptocurrency, saying, “Cryptocurrency is here to stay, and it’s time that we bring it into the mainstream.”
The bill has become a hotbed for controversy. Lawmakers were arguing over amendments, particularly the Credit Card Competition Act (CCCA). Some senators wanted to include this act in the GENIUS Act.
The GENIUS Act still faces additional procedural votes before reaching a final Senate passage, which Senator Cynthia Lummis predicts could happen as early as next week.
If approved, the bill would then head to the House, where its fate remains locked amid ongoing debate over cryptocurrency regulation.
While stablecoins are considered to be the best financial innovation, traditional traditional financial market and banking sector are still lobbying against interest-yielding stablecoins.
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