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The US Senate scheduled a final vote on the GENIUS Act
The US Senate has scheduled a final vote on the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act for Tuesday, June 17.
This legislation, designed to establish a comprehensive regulatory framework for stablecoins, has garnered significant attention as it nears potential passage.
The announcement followed a procedural vote for the GENIUS Stablecoin Act carried out by the US Senate on Thursday, June 12, which might lead to fresh crypto regulation.
The bill seeks to introduce a regulatory landscape for stablecoins to the crypto space, a milestone for the growing industry as trading and on-chain activity are expected to rise.
John Thune believes the GENIUS Act will make crypto a common part of daily life
Addressing the Senate floor on Wednesday, Majority Leader John Thune called for members of Congress to vote to pass the bill. The action doubles down on many of US President Donald Trump’s talking points regarding digital assets, such as how the legislation will help bring the US to the crypto capital of the world.
In a 68-30 vote, the US Senate voted to advance the GENIUS Act. This took place more than a month after it was introduced.
Several senators, including Democrats, voted to invoke cloture for the bill, putting it on the path for debate and a full floor vote before potentially moving it on to the House of Representatives for further discussion.
Thune highlighted that they aim to make cryptocurrency a common part of everyday life, and the GENIUS Act will assist them in achieving that.
He further stated that Congress had more work to do on digital assets, referring to a separate market structure bill working its way through the House.
Regarding the bill mentioned by Thune, two House committees voted on Tuesday to move forward with the CLARITY Act, clearing the way for a full floor vote soon.