- The U.S. Senate voted 66-32 to overcome a filibuster and advance a stablecoin regulation bill, marking a significant victory for the crypto industry.
- A group of Democrats abandoned their previous opposition after negotiations led by several senators, clearing the way for debate.
- The House Financial Services Committee has approved its stablecoin measure, but it has not yet passed the House.
The U.S. Senate took a major step toward stablecoin regulation on Monday night by voting 66-32 to advance the GENIUS Act. The vote overcomes a filibuster led by Democrats and clears a key procedural hurdle. The vote opens the door to a full Senate debate and eventual passage of the bill, which would establish the first comprehensive federal framework for stablecoin regulation.
Crypto market regulations soften as U.S. stablecoin bill overcomes key hurdle in Senate
A report on Tuesday highlights that stablecoin legislation, the GENIUS Act, overcame a procedural blockade on Monday night in the U.S. Senate, marking a major victory for the crypto industry.
The U.S. Senate voted 66-32 to overcome a filibuster and advance a stablecoin regulation bill, marking a significant victory for the crypto industry. A group of Democrats abandoned their previous opposition after negotiations led by Senators Kirsten Gillibrand and Angela Alsobrooks, clearing the way for debate on the Senate floor.
The House Financial Services Committee has approved its own stablecoin measure, but it has not yet passed the House.
“Some House Republicans want to merge it with a later bill governing cryptocurrency regulation more broadly. The House and Senate will have to reconcile any differences in the legislation before sending a final version to the President,” says an analyst.
The U.S. Senate’s decision to advance a stablecoin regulation bill marks a crucial moment for the crypto industry. This decision has a positive outlook as it moves towards establishing a clear legal framework for stablecoins, potentially increasing legitimacy and adoption. However, there are some concerns surrounding consumer protection, financial stability, and illicit use.
