The U.S. Senate moves the genius forward with a 66-32 vote

The U.S. Senate has issued a proposal to move forward with the Genius Act. The cloture motion—which allows the Senate to proceed with discussing the bill—was approved by a 66-32 vote. Interestingly, over 15 Democratic senators, including Catherine Cortez Masto, Adam Schiff, Mark Warner, and Ruben Gallego, changed their 'votes' to 'yes.' However, Senate Minority Leader Chuck Schumer voted against the proposal. Senator Josh Hawley was absent during the vote. Nevertheless, this vote does not mean that the Genius Act has become law. It simply allows the Senate to begin discussing the bill and possibly amend it before the final vote. Why this matters to crypto investors: The Genius Act includes regulations for stablecoins—digital currencies tied to traditional assets like the U.S. dollar. Many in the crypto community see this as a positive step as it provides clear rules, ensuring that stablecoin issuers maintain appropriate reserves such as U.S. Treasury bonds. It also requires more transparency regarding how these stablecoins are backed. Experts say this could boost confidence in the crypto market and protect users from risks seen in the past when some stablecoin companies lacked proper financial backing. Concerns about stablecoins and policy: There is ongoing debate about private tech companies like Meta or Square issuing their own stablecoins. Some see this as risky without rigorous systems in place. Another concern involves political leaders, including President Trump, having financial interests in crypto-related ventures, raising questions about fairness and potential conflicts of interest. While having government figures support crypto may seem positive, experts warn it could lead to future issues if decisions appear to benefit insiders. As Eleanor Tarrant reported, Josh Flasto, a spokesperson for Cifonx, said, 'We congratulate the Senate on today's vote. This action, and ultimately the passage of the Stablecoin Bill, clears the way for Congress to work on the voters' mandate to pass market structure legislation that creates clear rules for the digital road ahead.'

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