#GENIUSActPass

Senate passes first-of-its-kind cryptocurrency legislation:

The Senate passed first-of-its-kind bipartisan cryptocurrency legislation, called the GENIUS Act, after months of negotiations and weeks of back-and-forth between Democratic and Republican backers. The final tally was 68-30, with 18 Democrats voting yes, and two Republicans voting no.

The bill now moves to the House for consideration. House Majority Whip Tom Emmer has called for the chamber’s Financial Services Committee to advance stablecoin legislation by the end of July.

The GENIUS Act aims to regulate stablecoin, a specific type of cryptocurrency that is tied to the US dollar. Despite bipartisan senators working on this bill for months, and general agreement across the Capitol that stablecoin regulation is necessary, the legislation has become a flashpoint for Democratic concerns with President Donald Trump’s own cryptocurrency dealings.