US Senate Votes in Favor of Stablecoin Bill

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On Monday, the Senate progressed a significant cryptocurrency regulation bill with a bipartisan vote, following a two-week period where Senate Democrats had previously blocked it.

The GENIUS Act, aiming to create the first regulatory framework for stablecoin issuers — digital tokens linked to currencies like the US dollar — passed a procedural vote at 66-32. Sixteen Democrats sided with most Senate Republicans, with only two Republicans, Sens. Rand Paul of Kentucky and Jerry Moran of Kansas, opposing it.

The bill required at least 60 votes to move towards a final passage in the Senate, where Republicans have a three-seat majority. Democratic willingness to advance the legislation emerged after bipartisan negotiators, including Sens. Bill Hagerty (R-Tenn), Cynthia Lummis (R-Wyo), Mark Warner (D-Va), Kirsten Gillibrand (D-N.Y), Angela Alsobrooks (D-Md), and Ruben Gallego (D-Ariz), agreed on an amendment.

This amendment, shared over the weekend and obtained by NBC News, introduces new consumer protection measures, restricts tech companies from issuing stablecoins, and extends ethics standards to special government employees, temporarily applying to figures like Elon Musk and David Sacks.