Senate Passes GENIUS Stablecoin Legislation with Bipartisan 68-30 Majority

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The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act has cleared a critical hurdle in the Senate, passing with a decisive 68-30 vote. Introduced by Tennessee Senator Bill Hagerty, the bill now progresses toward potential enactment.

Next, the House of Representatives may review its counterpart, the STABLE Act, where further amendments could emerge.

Sen. Hagerty praised the bill’s passage, stating:

“This legislation ensures the US remains at the forefront of financial innovation, enabling near-instant transactions for businesses and individuals.”

The GENIUS Act faced earlier resistance in May, with Democrats opposing it due to former President Trump’s cryptocurrency affiliations. The Trump family is a major investor in World Liberty Financial, issuer of a USD-pegged stablecoin launched in March.