US Senate Advances GENIUS Act Stablecoin Bill Amid Bipartisan Support and Criticism

The U.S. Senate voted 68-30 to advance the GENIUS Act, a pivotal stablecoin regulation bill, overcoming legislative gridlock tied to former President Donald Trump''s cryptocurrency affiliations. Majority Leader John Thune championed the bill, echoing Trump''s ambition to position the U.S. as a global leader in digital assets.

The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act now moves toward full debate and a final vote, with bipartisan backing including several Democrats. Thune framed the legislation as a bridge between cryptocurrency and traditional finance, though he acknowledged unresolved challenges, including the pending CLARITY Act in the House.

Critics like Senator Elizabeth Warren lambasted the bill''s unaddressed flaws, citing missed opportunities for bipartisan amendments. The vote signals growing institutional acceptance of crypto, even as regulatory gaps persist.