Bipartisan Support and Criticisms
The approved the GENIUS Act, establishing a regulatory framework for stablecoins, with a 68-30 vote, including 18 Democrats and most Republicans. Sens. Rand Paul and opposed the measure.
Critics, including , argued the bill lacks sufficient consumer protection and anti-corruption measures, particularly regarding 's cryptocurrency ventures.
Industry Response and Next Steps
The cryptocurrency industry views the bill as a step towards legitimacy and innovation, highlighting the need for regulatory clarity to foster responsible development.
The bill now moves to the Republican-led House for potential amendments before heading to President Trump's desk for approval. The has expressed a desire for the bill's passage before the summer recess.