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U.S. Senate Advances GENIUS Act to Establish Federal Stablecoin Framework
U.S. Senate Advances GENIUS Act to Establish Federal Stablecoin Framework
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The U.S. Senate passed the GENIUS Act with a 68-30 vote, marking a pivotal step toward federal oversight of stablecoins. Senator Bill Hagerty championed the bill as a catalyst for U.S. crypto leadership, emphasizing its potential to revolutionize payment settlement speeds.
Political tensions surfaced as Democrats previously blocked the bill over ties between former President TRUMP and World Liberty Financial, which launched a stablecoin this year. The House remains a battleground, with Republicans' slim majority and Democratic concerns over unaddressed Trump-linked amendments.
The legislation could redefine payment stablecoins under U.S. law, though its path forward hinges on reconciling regulatory clarity with political divides.
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