The US Senate has passed the GENIUS bill aimed at regulating stablecoins, marking a significant step towards clarity in the cryptocurrency space.
Passage of the Bill in the Senate
The bill, officially known as the GENIUS Act, was approved with a vote of 68–30. It received support from both Democrats and Republicans, leading to its successful passage at this stage.
Potential Fate in the House
The bill now heads to the House of Representatives, where Republicans hold a narrow majority. If approved, it will then be sent to President Donald Trump for signature.
Criticism and Support for the Bill
Despite the backing from several Democrats, critics like Senator Elizabeth Warren expressed concerns. She argues that the bill allows loopholes for foreign tokens and doesn’t address issues related to the technology giants. CITE_W_A: "If Congress doesn’t fix the GENIUS Act, billionaires like Elon Musk and Jeff Bezos could launch stablecoins that track your purchases and exploit your data."
The passage of the GENIUS bill represents a significant move towards the regulation of stablecoins in the US, though its future remains uncertain.
