US Senate Moves Forward with Genius Bill

On Monday, the Senate successfully moved forward with a major cryptocurrency regulation bill in a bipartisan effort, overcoming a recent blockade by Senate Democrats.

The GENIUS Act, set to establish the first regulatory system for stablecoins connected to fiat currencies like the US dollar, passed a procedural vote with a 66-32 margin. Sixteen Democrats joined most Republicans in support, though Senators Rand Paul of Kentucky and Jerry Moran of Kansas voted against it.

Needing to clear a 60-vote threshold for final Senate passage, and with Republicans holding a slight majority, the bill’s progress was notable. Democratic support hinged on an agreement reached by bipartisan senators, namely Bill Hagerty, Cynthia Lummis, Mark Warner, Kirsten Gillibrand, Angela Alsobrooks, and Ruben Gallego.

The amendment, shared over the weekend and acquired by NBC News, features enhanced consumer protections, restrictions on tech companies issuing stablecoins, and ethics standards extending to specific government employees, affecting notable tech figures such as Elon Musk and David Sacks temporarily.