Senate Crypto Bill Advances
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The Stablecoin bill, also known as GENIUS Act, is one step closer to becoming law, after the US Senate voted in favor of amending the bill.
David Sacks says the stablecoin bill will pass the Senate, despite controversy over Trump-linked crypto firms and growing tension with the banking lobby.
The U.S. Senate has moved forward with the GENIUS Act — a bill designed to regulate stablecoins — following a key vote on May 19 that passed 66-32.
The GENIUS Act passed a cloture vote Monday less than two weeks after failing one. The stablecoin bill now heads to a full floor vote.
The U.S. Senate has passed the GENIUS Act, making regulated stablecoins a policy priority and hinting at fresh institutional crypto inflows.
John Deaton, a prominent XRP lawyer, warns that the failure of the GENIUS Act in the Senate could halt meaningful progress in crypto regulation for years to come.