US Senate moves forward with GENIUS stablecoin bill

The U.S. Senate has advanced the GENIUS Act, a landmark stablecoin regulation bill, with a bipartisan vote of 66-32. This procedural vote clears a key hurdle, allowing the Senate to move forward to debate and eventually a final vote on the legislation.

The GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins Act) aims to establish the first-ever regulatory framework for stablecoins.

It sets licensing procedures and regulatory standards for institutions issuing stablecoins, with provisions addressing consumer protection and restrictions on technology companies issuing these digital assets.

The bill initially faced opposition, especially from Senate Democrats.

Earlier this month, Democrats had blocked the bill, but after bipartisan negotiations and amendments addressing key Democratic concerns—including enhanced consumer protections and ethical standards for government employees—the bill gained enough support to advance.

Notably, sixteen Democrats joined the majority of Republicans to support the bill, while two Republicans opposed it. Senior Democratic leaders like Chuck Schumer and Dick Durbin voted against advancing the bill, reflecting ongoing divisions within the Democratic caucus.

Senate Majority Leader John Thune and other supporters hailed the vote as a bipartisan step toward U.S. leadership in digital asset regulation, emphasizing the need to foster innovation while safeguarding consumers and national security.

The Senate will now proceed to debate the bill, with the final passage vote expected in the near future. Meanwhile, the House is working on its own stablecoin regulatory legislation.

The Senate's advancement of the GENIUS Act marks a significant move toward comprehensive regulation of stablecoins in the U.S., balancing innovation with consumer and ethical safeguards amid a complex political backdrop.

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