’GENIUS’ crypto bill clears key Senate hurdle, now set for full vote
A bill aimed at establishing regulatory guidelines for stablecoins, a class of cryptocurrency, cleared a key procedural vote in the U.S. Senate on Monday evening, and is now headed for a full floor vote, News.az reports citing Investing.
The Republican-sponsored GENIUS Act was approved in a 66-32 cloture vote on Monday, approving the bill for a full floor vote in the coming days.
The act aims to establish a regulatory framework for stablecoins and their issuers, firstly by setting up a body called the Stablecoin Certification Review Committee. The body will consist of members from the Treasury, the Federal Reserve, and the Federal Deposit Insurance Corporation, and will hold the authority to approve foreign stablecoin issuers.
Stablecoins such as Circle’s USDC and ’s USDT represent a key medium for trade in crypto, given that they are more easily transferrable and liquid than conventional dollars. But the sector has also been repeatedly criticized for helping foster money laundering, and was subject to heavy regulatory scrutiny during the Biden administration.
The GENIUS bill was rejected in a cloture vote earlier in May, with its critics citing concerns over unclear conventions on anti-money laundering and consumer protection. But several Senate Democrats touted “major victories” on both fronts this week.
Longtime crypto critic, Senator Elizabeth Warren, urged her colleagues to vote against the Genius Act this week, stating that there was “no excuse for Congress to pass a crypto bill that will turbocharge Trump’s corruption.”
The bill is likely set for a Senate floor vote later this week, clearing which, it will be sent to President Donald Trump’s office for approval.
The GENIUS Act’s upcoming vote represents progress towards more crypto regulation in the U.S., as promised by Trump during his campaign. The act could be the first piece of crypto legislation approved by Congress during Trump’s second term.
So far, Trump has issued pro-crypto executive orders, and has also named crypto-friendly officials to several key roles in the government.
Crypto prices cheered the bill’s progress, with world no.1 crypto up 2.3% at $106,011.0.