#GENIUSActPass

In a vote on Tuesday of 68-30, the majority of the U.S. Senate decided to approve the GENIUS Act approximately six weeks after Tennessee Senator Bill Hagerty introduced the legislation. The complementary bill, the STABLE Act, could be considered next in the House of Representatives, where it may face additional amendment proposals.

"With this bill, the United States is one step closer to becoming the global leader in cryptocurrencies," said Hagerty from the Senate floor before Tuesday's vote, adding: "Once the GENIUS Act becomes law, businesses of all sizes and Americans across the country will be able to settle payments almost instantly instead of waiting days or even weeks."

The GENIUS Act initially failed to pass a cloture vote in the Senate in May in response to Democratic opposition to U.S. President Donald Trump's connections to the cryptocurrency industry. The Trump family has a significant stake in World Liberty Financial, which issued its own stablecoin USD1 in March.

It is unclear whether legislation on stablecoins will have enough support to pass in the House of Representatives, where Republicans also have a narrow majority over Democrats. Trump's AI and cryptocurrency czar, David Sacks, suggested in May that the president would support the bill approved by a Republican-controlled Congress.