Senate Stablecoin Bill Passes Key Vote as GENIUS Act Regains Momentum
The Senate's stablecoin bill, known as the GENIUS Act, has regained momentum, passing a key procedural vote that sets it on track for a full vote soon. The bill previously failed to advance due to political tensions among Democrats regarding President Trump's crypto-related conflicts. Key Democrats have now rejoined support, and the bill received over 60 votes, indicating strong backing for the upcoming full floor vote. If passed, the GENIUS Act will create a legal framework for stablecoin issuance in the U.S., potentially attracting significant investment into the crypto sector. Recent revisions to the bill include provisions addressing conflicts of interest and restrictions on Big Tech's involvement in stablecoins. Increased lobbying from industry leaders, particularly Coinbase, has played a crucial role in shifting political support for the legislation. Coinbase's CEO has actively advocated for the bill's passage, emphasizing the urgency of advancing crypto legislation this year.
