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Stablecoin Bill Clears Another Hurdle in Senate, Inching Toward Final Vote
- On June 9, Senator John Thune, the Majority Leader, submitted a cloture motion for the GENIUS Act, moving forward efforts to establish stablecoin regulations in the U.S. Senate.
- This move follows lawmakers' pledge last month to approve stablecoin regulations, aiming to create the first comprehensive U.S. stablecoin legislation.
- The GENIUS Act imposes strict operational standards on stablecoin issuers, including one-to-one reserve backing and oversight by federal or state regulators.
- The cloture vote passed 68-30 on June 9, with 18 Democrats supporting the measure, reflecting bipartisan but divided backing ahead of a final June 11 vote.
- Passage of the GENIUS Act would likely accelerate blockchain adoption in payments, enhance financial inclusion, and reduce legal uncertainty in digital asset markets.
35 Articles
35 Articles
The Senate is set to deliver on historic digital assets legislation
It was clear as I traveled across the country with President Donald Trump last year in the lead-up to the 2024 election that the public wants access to digital assets. On the campaign trail, Trump pledged to make the United States the cryptocurrency capital of the world. After four years of former President Joe Biden and his Democratic allies in Congress shutting the door on crypto, pushing the industry offshore, voters called for a new approach…
Cryptocurrency Legislation Clears Senate Hurdle
Legislation that would create a regulatory framework for cryptocurrencies passed a procedural hurdle in the Senate Wednesday, moving one step closer to passage, Politico reported. The Senate voted 68-30 to move forward on the GENIUS Act, with several changes made by Republicans to win over Democrats to cross the 60-vote threshold. Sen. Bill Hagerty, R-Tenn., said the bill, which he proposed, “takes a common-sense, bipartisan approach to regulati…
Stablecoin bill clears another hurdle in Senate, inching toward final vote
The Senate voted Wednesday to advance legislation setting up a regulatory framework for payment stablecoins, bringing the crypto bill one step closer to a final vote in the upper chamber. Eighteen Democrats voted with almost every Republican to end debate on an updated version of the GENIUS Act. The new bill text was reached as part of lengthy negotiations between Republicans and crypto-friendly Democrats last month, ahead of an earlier proce…
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