Senate Votes 68-30 to Advance Stablecoin Legislation
The U.S. Senate has initiated the approval process for major crypto legislation, voting 68-30 to advance the GENIUS Act, which sets standards for stablecoin issuers. This marks significant bipartisan support as the Senate shifts from its previously resistant stance on crypto regulation.
Key points include:
- The GENIUS Act aims to regulate stablecoin issuance under state or federal oversight.
- Proponents argue it will strengthen the U.S. dollar's position globally.
- Concerns arise from critics like Senator Elizabeth Warren, who warns it could allow risky investments by stablecoin issuers.
- The House of Representatives is also advancing related legislation, including the Digital Asset Market Clarity Act.
- Final approval requires alignment between the Senate and House versions of the bills.
The growing pro-crypto sentiment in Congress is seen as pivotal for future regulatory frameworks affecting the industry.