#GENIUSActPass Senate passes landmark crypto legislation with bipartisan support.
The bill to regulate stablecoins represents a win for the cryptocurrency industry. A House vote is next before President Trump can sign it into law.A landmark bill to regulate cryptocurrency passed the Senate on June 17, creating a path for digital assets to go mainstream and representing a big win for an industry that spent heavily to get President Donald Trump elected.
The 68-30 vote reflects a major victory for the crypto industry, which has been aggressively lobbying Congress on the legislation. The bill next must be approved by the Republican-led House before Trump can sign it into law
The bill, dubbed the GENIUS Act, would create a framework to regulate stablecoins. Stablecoins are a type of cryptocurrency that are tied to the value of another asset, like the U.S. dollar. Comparatively, most cryptocurrency fluctuates based on market valuation, like Bitcoin and Ethereum.
