🛑 Breaking: US Senate Advances Stablecoin Bill ‘GENIUS’ Act To Amendment Process 🚨
The stablecoin bill is one step closer to becoming the first major crypto regulatory framework in the US following the US Senate’s latest vote to move the bill to the amendment process.
Also known as the GENIUS Act, this bill seeks to regulate stablecoins in the US, a move that will further provide clarity for the crypto industry.
In an X post, journalist Eleanor Terrett revealed that the US Senate voted 69 to 31 to advance the GENIUS Act to the amendment process.
This marks a positive step towards passing the bill, which the US Democrats had voted against two weeks ago.
However, the Senate revived the bill through a cloture vote on Monday, voting 66 to 32 in favor of advancing it for a vote on whether to debate it on the floor.
Following the vote on Monday, Senator Bill Hagerty, who introduced the bill, said he looks forward to making history with his colleagues by eventually passing the GENIUS Act.
As the Senator explained, if passed, the bill will provide a legal framework that will enable the US financial system to thrive and ensure that America remains the “hotbed” of innovation globally.
