US SENATE ADVANCES LANDMARK STABLECOIN BILL WITH BIPARTISAN SUPPORT

- The U.S. Senate just cleared the path for stablecoin regulation with a 66-32 vote in favor of advancing the GENIUS Act.

What Happened:

- Senators voted to invoke cloture on the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins).

- That means the bill now heads to formal debate, amendments, and then a final vote.

Who Backed It:

- 16 Democrats joined Republicans in supporting the bill — a major shift from last week when no Democrats backed it.

- Big names like Sens. Gallego, Cortez Masto, Fetterman, Schiff, and Warner voted “yes.”

- Senate Minority Leader Chuck Schumer and Sen. Elizabeth Warren voted “no.”

What's in the Bill:

- Requires stablecoins to be 100% backed by U.S. dollars or other liquid assets.

- Annual audits for issuers with a market cap above $50B.

- Tougher scrutiny on foreign issuers.

- Designed to protect consumers while boosting U.S. dollar dominance in digital payments.

Why It Matters:

- Sen. Bill Hagerty, the bill’s lead sponsor, says this law could skyrocket U.S. leadership in digital finance.

- Supporters say it will unlock over $1 trillion in demand for U.S. treasuries.

- Ji Kim from the Crypto Council calls it a “historic” moment after months of negotiation.

The Pushback:

- Sen. Elizabeth Warren slammed the bill for not going far enough on Trump’s crypto ties and criticized the USD1 stablecoin.

- Critics remain uneasy about corporate issuance and the foreign influence loopholes.