According to Cointelegraph, the U.S. Senate has moved forward with the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, following a 68-30 vote. This decision comes over a month after the bill's introduction. Senate Majority Leader John Thune, speaking from the Senate floor, encouraged congressional support for the legislation, aligning with U.S. President Donald Trump's vision of positioning the United States as a leader in the cryptocurrency sector. The majority of senators, including several Democrats, voted to invoke cloture, paving the way for debate and a full floor vote. If passed, the bill will proceed to the House of Representatives for further consideration.
Senate Majority Leader Thune emphasized the importance of integrating cryptocurrency into mainstream financial systems, asserting that the GENIUS Act is a crucial step in achieving this goal. He acknowledged that Congress still has significant work ahead concerning digital assets, referencing the market structure bill currently under review in the House. On Tuesday, two House committees advanced the bill, known as the CLARITY Act, which may soon face a full floor vote.
Massachusetts Senator Elizabeth Warren voiced her concerns about the GENIUS Act, highlighting unresolved issues due to the Senate's failure to vote on certain bipartisan amendments. She also expressed apprehension regarding President Trump's connections to his family-backed crypto platform, World Liberty Financial, and the potential for rewarding holders of his memecoin with exclusive access to presidential privileges. Warren criticized the GENIUS Act for potentially facilitating corruption by allowing the trade of presidential favors for substantial financial gains from foreign entities and large corporations. She argued that the bill is fraught with loopholes and lacks adequate consumer, national security, and financial stability safeguards.
This story is still developing, and updates will be provided as more information becomes available.