- The GENIUS Act was cleared for debate by passing the cloture vote in the Senate.
- Bipartisan support for stablecoin regulation was clear, since sixteen Democrats and Republicans voted together for the bill.
- Those in the crypto industry admire the vote for pushing forward with regulations and encouraging discussions between politicians.
The US Senate has passed a key step in the legislative process for the GENIUS Act on stablecoins. By passing a motion to invoke cloture, lawmakers gave the bill permission to be debated and changed by the full Senate. This event shows significant progress toward clarifying the rules for stablecoins.
The bill had bipartisan backing when the cloture vote took place. Sixteen Democratic senators voted together with Republicans in support of the measure, something unusual in the area of cryptocurrency policy. Similar focus was given by lawmakers from both political parties on ensuring a proper framework for oversight and issuing stablecoins in the United States.
Progressive Lawmakers Continue to Oppose
Although many believe it is moving ahead, not all lawmakers agree, and many progressive Democrats continue to speak out against it. Elizabeth Warren, a senator, continues to stand against the bill due to worries about how it will impact both consumers and safety in the nation. She said the new provisions in the bill do not address the issues that were previously pointed out by her fellow Republicans.
Experts greeted the vote as a constructive move for digital assets. The Coinbase CEO sees this as a major achievement for crypto innovation and thanked those in the Senate who helped. According to Chief Policy Officer Faryar Shirzad at Coinbase, this is a historic early success that unites lawmakers from both sides of the aisle. Fellow crypto leader Mike Novogratz commended lawmakers for collaborating well and passing the Senate bill.
Steps by Legislators in the Coming Days
Although the crypto industry views the advance of the GENIUS Act as hopeful, many things still need to happen, including Senate debate, possible changes, and a final vote. Once passed by the Senate, it will go on to be considered by the House. Which policy will be chosen is unknown, yet the early backing from both parties means that stablecoin rules are becoming important in the U.S.
