BitJungle: Key Vote in U.S. Senate Tomorrow! Stablecoin Regulatory Framework on the Brink
The U.S. Senate will hold a final vote on the "GENIUS Stablecoin Act" tomorrow (June 17, Tuesday). This vote will determine whether to pass the revised bill, establishing the first federal regulatory framework for stablecoins in the U.S.
The voting follows a crucial procedural vote last Wednesday (June 11), where the Senate overwhelmingly passed a motion to "end debate" with a vote of 68 to 30, paving the way for the final vote and showing a degree of bipartisan support. Before the vote, the bill had incorporated several amendments, one of which aims to prevent elected officials and their relatives from profiting through connections in the cryptocurrency industry.
If the bill is passed, it will set clear rules for stablecoins pegged to assets like the U.S. dollar. This move comes as many large companies are considering issuing their own stablecoins, creating urgent regulatory demands.
However, support is not unanimous. Republican Senator Josh Hawley has explicitly stated his opposition, claiming the amendments are a "huge concession" to "big tech companies."
Meanwhile, the House of Representatives is also advancing its digital asset regulatory agenda. Last Tuesday (June 10), a House committee passed the "Digital Asset Market Clarification Act" (CLARITY Act), which aims to clarify the regulatory responsibilities of the SEC and CFTC regarding digital assets, and the bill is awaiting a full vote.
Due to the narrow Republican majority in both chambers, it remains uncertain whether the "GENIUS Act" will pass in the Senate tomorrow, and whether the subsequent bills in both chambers can garner enough bipartisan support to ultimately become law. The cryptocurrency industry is holding its breath for the outcome of tomorrow's vote.