#GENIUSActPass Yesterday, the Senate passed the GENIUS Act, the first legislation regarding stablecoins approved by either chamber of Congress after several years of attempts. The vote of 68 to 30 was the same as last week's procedural vote. Eighteen Democrats voted in favor on both occasions, but previous supporter Mark Kelly abstained, while Jon Ossoff supported the bill this time.

To become law, both chambers will need to vote in favor, and the House has a separate STABLE Act bill with quite a few differences, as explored earlier this month. However, this is a significant legislative achievement, as it is the first major legislation regarding digital assets approved by the Senate.

Assuming the chambers manage to reconcile the versions, the passage of the legislation will provide greater regulatory certainty, an advantage for the stablecoin sector. This dynamic has already energized the markets.