Breaking: US Senate Passes Milestone GENIUS Stablecoin Bill
Highlights
- The senators voted 68 to 30 in favor of the stablecoin bill, indicating overwhelming bipartisan support for the crypto legislation.
- The bill will now head to the US House for a similar debate.
- The White House is pushing for Congress to pass the GENIUS Act and CLARITY Act before lawmakers go on recess in July.
In a historic moment for the crypto industry, the US Senate has passed the first major crypto bill, the GENIUS Act. With this development, the stablecoin bill is one step closer to becoming law and will now head to the US House for deliberation.
US Senate Votes In Favor Of Stablecoin Bill
Following a roll call vote, the US Senate voted 68 to 30 in favor of passing the GENIUS Act. This becomes the first major crypto legislation to make it out of the upper chamber.
As CoinGape earlier reported, the final passage vote for the stablecoin bill took place today. With these Senators voting in favor of the bill, it will now head to the US House, where it will undergo a similar debate process.
If the US House votes to pass the bill, it will then head to the White House for President Donald Trump’s consideration. The White House has already urged Congress to pass the GENIUS Act and CLARITY Act before the lawmakers go on recess in July.
Meanwhile, the stablecoin bill, along with the Market Structure bill, could become the first major regulatory frameworks for the crypto industry. The GENIUS Act, in particular, aims to regulate the stablecoin industry. Stablecoin issuers will need to back the coins 1:1 by cash or short-term US treasuries.
In a recent X post, Treasury Secretary Scott Bessent again affirmed his support for the GENIUS Act. He highlighted projections that stablecoins could grow into a $3.7 trillion market by the end of the decade. Bessent added that this scenario becomes more likely with the passage of the bill.
Senator Hagerty Comments On Historic Moment
In an X post, Senator Bill Hagerty, who sponsored the bill, commented on the passing of the stablecoin bill. He stated that on a bipartisan basis, the Senate passed its first piece of major legislation with his bill.
With the GENIUS Act, the senator is confident that the US is one step closer to becoming the crypto capital of the world. Hagerty noted that the bill establishes the first-ever pro-growth regulatory framework for stablecoins.
The senator further declared that the stablecoin bill will cement US dollar dominance, protect customers, increase demand for US treasuries, and ensure innovation in the digital asset space is in the hands of the US and not its adversaries. Senator Cynthia Lummis also remarked that the Senate took a critical step toward securing the US dollar dominance by passing the bipartisan GENIUS Act.
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