🚀 Big news for the crypto world! 🪙

The #GENIUSAct , aimed at regulating stablecoins in the US, just cleared a major hurdle in the Senate! 🏛️ In a significant 66-32 vote late Monday/early Tuesday (May 19th/20th, 2025), Senators voted to advance the "Guiding and Establishing National Innovation for US Stablecoins Act."

This is a landmark moment! After some earlier setbacks and intense negotiations, it looks like a regulatory framework for the nearly $250 billion stablecoin market is getting closer to reality. 📝

The bill proposes that stablecoins be fully backed, regularly audited, and issued only by licensed entities. This could bring much-needed clarity and consumer protection to the space.

While some concerns remain among lawmakers about consumer protection and national security, its passage through this procedural vote signals strong bipartisan momentum. A final vote in the Senate could happen as soon as this week! ⏳ This is a crucial step towards establishing the US as a leader in digital financial infrastructure.

What are your thoughts on this development? 🤔 🎉