#GENIUSActPass

The GENIUS Act passed the US Senate with a 68-30 vote, marking a significant step in regulating stablecoins. Several factors contributed to its passage ¹:

- *Bipartisan Support*: The bill garnered support from both Republicans and Democrats, with 18 Democrats joining Republicans to enact guardrails on stablecoins.

- *Regulatory Framework*: The GENIUS Act establishes a first-of-its-kind regulatory framework for payment stablecoins, protecting consumers and strengthening national security.

- *Industry Backing*: The crypto industry reportedly invested $250 million in the most recent congressional elections to support pro-crypto candidates, which may have influenced the bill's passage.

- *Co-sponsorship*: Senators Bill Hagerty (R-TN), Tim Scott (R-SC), Kirsten Gillibrand (D-NY), Cynthia Lummis (R-WY), and Angela Alsobrooks (D-MD) co-sponsored the bill, demonstrating broad support.

- *Clear Guidelines*: The bill provides clear guidelines for stablecoin issuers, including reserve requirements, disclosure, and consumer protection measures.

The GENIUS Act's passage in the Senate sets the stage for its consideration in the House of Representatives, where its fate remains uncertain ².