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Senate Passes Stablecoin Bill in Big Win for Crypto Industry
- The U.S. Senate passed the GENIUS Act on Tuesday by a 68-30 vote to establish a regulatory framework for stablecoins.
- Lawmakers advanced the bill with bipartisan support, although many Democrats opposed it over concerns about President Trump’s financial interests in crypto.
- The legislation seeks to create guardrails and consumer protections amid the growing stablecoin market, which Treasury Secretary Scott Bessent said could expand significantly this decade.
- Senator Elizabeth Warren cautioned the bill opens a ‘‘super highway’’ for Trump-related corruption, while supporters called it a major step toward U.S. crypto leadership.
- The bill now moves to the Republican-controlled House for approval, with the White House aiming to finalize stablecoin legislation before Congress's August recess.
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Coinbase stock surges 16% on a fresh wave of momentum from landmark crypto bill
Coinbase CEO Brian Armstrong.Patrick T. Fallon / Getty ImagesCoinbase stock surged on Wednesday as crypto bullishness jumped after the latest policy developments. Coinbase and other crypto stocks rallied after Congress passed a big bill aimed at stablecoins. Circle stock also soared, ending the session up over 30%. Shares of Coinbase spiked on Wednesday, with the largest US crypto exchange riding a wave of bullishness created by the Senate's pas…
Senate passes bill to regulate crypto
WASHINGTON — The Senate passed legislation Tuesday that would regulate a form of cryptocurrency known as stablecoins, the first of what the industry hopes will be a wave of bills to bolster its legitimacy and reassure consumers.
Senate Passes GENIUS Act—Coinbase's Brian Armstrong Calls It 'Big Milestone,' Scott Bessent Says Passage Could Drive Stablecoins Into A $3.7 Trillion Market
In a significant development, the Senate passed the GENIUS Act on Tuesday, a bill establishing the country’s first regulatory framework for dollar-pegged stablecoins. Prominent names tied to the cryptocurrency industry soon took to social media to celebrate the passage. What happened: Brian Armstrong, CEO of America's largest cryptocurrency exchange, Coinbase Global Inc. (NASDAQ:COIN), called it a "big milestone." Big milestone! https://t.co/h…
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