Crypto Industry Applauds Progress on Historic Stablecoin Legislation After Senate Advances GENIUS Act

On Monday, the U.S. Senate advanced the GENIUS Act, a significant stablecoin legislation, with a 66-32 vote. This bill is seen as a major step towards ensuring U.S. dollar dominance by requiring stablecoins to be backed by U.S. dollars or similar liquid assets. Provisions for audits and foreign issuers are also included. Republican Sen. Bill Hagerty, who spearheaded the bill, stated that this legislation will propel the U.S. payment system into the digital age. The bill’s progress is considered historic, garnering bipartisan support. The crypto industry is optimistic, viewing it as a critical step forward, although further debates and votes are anticipated. Democratic Sen. Elizabeth Warren criticized the bill, highlighting concerns over Trump’s crypto ties. The Block, an independent news outlet, reports on these developments while maintaining editorial independence despite financial ties to the industry.