#GENIUSActPass Senate approved the GENIUS Act, marking the first stablecoin legislation passed by Congress after years of effort. The vote was 68 to 30, consistent with a previous procedural vote. While most Democrats supported the bill, Mark Kelly abstained, and Jon Ossoff voted in favor this time.

For the bill to become law, both the Senate and House must agree on it, though the House has a different bill called the STABLE Act. This legislation is crucial for providing regulatory clarity for the stablecoin sector, which has already boosted market activity. Companies such as Circle have seen significant success, and major firms are interested in issuing their own stablecoins. Senator Lummis emphasized the importance of this legislation for maintaining U. S. Dollar dominance.

Concerns could arise if the House decides to combine its stablecoin and market infrastructure initiatives, potentially delaying progress.