Senate Advances GENIUS Act with Bipartisan Support, Amid Critics' Concerns
The Senate votes 66-22 to advance the GENIUS Act, setting the stage for stablecoin regulations despite concerns over conflict of interest.
GENIUS Act advances in Senate as Democrats drop Trump rebellion
Washington Examiner
Overview
On May 19, 2025, the Senate voted 66-22 to advance the GENIUS Act, aimed at regulating stablecoins, a significant vote enhancing bipartisan cohesion in crypto regulation. The legislation mandates stablecoin issuers hold reserves and prioritize holders during bankruptcies to protect consumers. Despite accusations against President Trump's ventures raising ethical concerns, the bill won support from 16 Democrats, including Cory Booker and Adam Schiff. Critics, particularly Senator Elizabeth Warren, argue the bill fails to sufficiently safeguard consumers or address potential conflicts of interest from Trump’s enterprises involved in cryptocurrency, demanding stronger regulation for this burgeoning industry.
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Analysis
- The Senate voted 66-22 to advance the GENIUS Act, a bill intended to regulate some cryptocurrencies, amidst significant political maneuvering and bipartisan support.
- The legislation aims to establish consumer protections by mandating issuers hold reserves of assets backing stablecoins and prioritize stablecoin holders during bankruptcy.
- Concerns remain regarding potential conflicts of interest, particularly related to Donald Trump's business dealings, with critics urging for stricter regulations to prevent a financial crisis.
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The GENIUS Act mandates stablecoin issuers to hold reserves and prioritize holders during bankruptcies to protect consumers.
The Senate initially struggled due to Democratic opposition amid concerns over President Trump's family involvement in cryptocurrency ventures.
The next steps will involve floor debates and potential amendment votes over the coming days and weeks.
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