The GENIUS Act, the major bill that aspires to bring clarity to the stablecoin sector, has passed its first big procedural hurdle in the US Senate.
After securing enough votes to invoke cloture, the bill is now heading to the Senate floor for amendments and debates.
Bipartisan support
Notably, 16 Democrats joined the Republicans on the vote. This shows that crypto is still gaining bipartisan support.
However, the legislative effort still has vocal opponents, such as Massachusetts Senator Elizabeth Warren. The progressive leader has urged her party to vote against the bill.
"Two weeks ago, Democrats refused to vote for the bill because it had inadequate protections for consumers, and it posed too much risk both for our financial stability and our national security," she noted. Warren still opposes the bill since she believes that not much has changed in the new version of the bill.
A historic win
"Many steps to go, but a historic early win on the road to getting a stablecoin bill enacted into law," Faryar Shirzad, chief policy at Coinbase, said in a social media post.
"Crypto is again showing that it’s the biggest bipartisan issue in play on the Hill," he said.
Coinbase CEO Brian Armstrong has stated that it is "a huge win for crypto."
"A huge win for crypto and the future of on-chain innovation in America! Thank you to all senators who voted for it," he said.
