The Senate on Tuesday night passed a bill with bipartisan support that establishes a regulatory framework for Stablecoins, which marks a significant victory for the cryptocurrency industry.
Senate Democrats and three Republicans blocked the bill in its first attempt last month, calling for more reforms to the bill. The bill had previously seen bipartisan support, but some Democrats said they needed more time after the first vote.
The final triumph for the GENIUS Act in the upper chamber occurred in a 68-30 vote, but will need to pass the House before it can go to President Donald Trump for his signature.
The legislation sets “high standards” for cryptocurrency issuers, creates a better and safer framework for cryptocurrency in the U.S. and “limits big tech overreach,” one of the bill’s early Democratic supporters Sen. Mark Warner claimed last month.
Stablecoins are a type of digital currency tied to the value of the U.S. dollar and are often seen as reliable types of cryptocurrency, the New York Times reported.
Misty Severi is a news reporter for Just The News. You can follow her on X for more coverage.