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#GENIUSActPass WASHINGTON — After weeks of stops and starts, Senate Republicans teamed up with a bloc of Democrats on Tuesday to pass a landmark cryptocurrency bill that would establish the first regulatory framework for issuers of stablecoins.
The vote on the GENIUS Act was 68-30, with 18 Democrats joining most Republicans in favor. Just two Republicans — Rand Paul of Kentucky and Josh Hawley of Missouri — voted against it.
The vote was the first time that the Senate has passed major legislation regulating digital assets.
"With this bill, the United States is one step closer to becoming the global leader in crypto," Sen. Bill Hagerty, R-Tenn., the author of the GENIUS Act, said in a floor speech. "This bill will cement U.S. dollar dominance, it will protect customers, it will drive demand for U.S. treasuries."
The vote on the GENIUS Act was 68-30, with 18 Democrats joining most Republicans in favor. Just two Republicans — Rand Paul of Kentucky and Josh Hawley of Missouri — voted against it.
The vote was the first time that the Senate has passed major legislation regulating digital assets.
"With this bill, the United States is one step closer to becoming the global leader in crypto," Sen. Bill Hagerty, R-Tenn., the author of the GENIUS Act, said in a floor speech. "This bill will cement U.S. dollar dominance, it will protect customers, it will drive demand for U.S. treasuries."
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#GENIUSActPass
The U.S. Senate passed the GENIUS Act in a 68-30 vote, marking the first major crypto bill to ever clear the Senate. The bill now moves to the House, which must decide whether to advance its own version or take up the Senate’s bill.
💬 What impact do you think the GENIUS Act will have on the crypto industry if it becomes law? What role would stablecoins play in the future of finance? Share your thoughts!
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