🔥 U.S. Senate Passes Stablecoin Bill: A Major Step Forward for the Cryptocurrency Legal Framework
On May 19, the U.S. Senate passed the Stablecoin Bill (GENIUS Act) with 66 votes in favor – surpassing the necessary 60 votes, marking an important step in building a legal framework for the cryptocurrency market.
The bill was previously rejected on May 8 due to strong opposition from the Democratic group led by Ruben Gallego and Elizabeth Warren. However, in this vote, the majority of the group shifted to support it.
Advocacy organizations like Stand With Crypto and Fairshake are said to have contributed to the influence. Senator Bill Hagerty stated that the bill will promote innovation and increase demand for U.S. bonds by over $1 trillion.
Conversely, Elizabeth Warren warned that the bill could strengthen the financial influence of major tech companies and President Trump through stablecoin USD1.
The bill will continue to be discussed, amended, and voted on finally in the Senate, then move to the House of Representatives before it can be presented to the President for signing. The expected timing is after Memorial Day (May 26).