US Senate Advances Stablecoin Bill
The Senate took a significant step forward on Monday by advancing a major cryptocurrency regulation bill with bipartisan support, just two weeks after it faced opposition from all Senate Democrats.
The 66-32 procedural vote on the GENIUS Act, which proposes the first stablecoin issuer regulatory framework, saw 16 Democrats join the majority of Republicans. However, Republican Senators Rand Paul of Kentucky and Jerry Moran of Kansas opposed the bill.
To proceed to the final Senate passage, the bill had to meet a 60-vote requirement, with Republicans holding a narrow majority. Democratic approval was secured when a bipartisan group, including Sens. Bill Hagerty, Cynthia Lummis, Mark Warner, Kirsten Gillibrand, Angela Alsobrooks, and Ruben Gallego, reached a consensus on an amendment addressing Democratic concerns.
The amendment, known over the weekend and shared with NBC News, enhances consumer protection, imposes limits on tech companies issuing stablecoins, and extends ethics rules to certain government employees, temporarily affecting individuals like Elon Musk and David Sacks.
