US Senate Passes Landmark GENIUS Act to Regulate Stablecoins
The Senate has passed the GENIUS Act, a bipartisan bill aimed at regulating stablecoins, ensuring consumer protections and addressing conflicts of interest in cryptocurrency.
Senate passes landmark cryptocurrency bill with Democratic help
Washington Examiner
Overview
- The GENIUS Act regulates stablecoins, tying them to the US dollar and establishing consumer protections.
- Passed with a bipartisan vote of 68-30, the bill marks a significant win for cryptocurrency advocates.
- The legislation requires stablecoins to be backed by liquid assets and mandates reserves for holders to cash out.
- Concerns remain regarding President Trump's financial interests in cryptocurrency, which were not addressed in the bill.
- The bill now moves to the House for consideration, with ongoing debates about its potential impact on the financial system.
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Analysis
Emphasizes the Senate's bipartisan passage of landmark cryptocurrency regulation, marking a significant victory for crypto groups.
The Senate passed a bipartisan landmark bill on June 17 to regulate cryptocurrency with 68 votes in support and 30 against, marking a major win for cryptocurrency groups in Washington.
Crypto groups spent $195 million on the 2024 election, while Trump earned $57.35 million from token sales at World Liberty Financial.
The legislation prohibits members of Congress and senior executive branch officials from issuing payment stablecoin products while in public service.
A bipartisan coalition faced challenges in early May when Senate Democrats unexpectedly made demands and blocked legislation, leading to weeks of negotiations.
The Senate passed the GENIUS Act with a bipartisan vote of 68-30, with 18 Democrats and nearly every Republican supporting the bill.
Articles (15)
Center (5)
"…The battle over the legislation has exposed deep Democratic divisions over how to handle the broader issue of crypto in a GOP-controlled Washington."
NBC News·16d·"…The vote marked the first time that the Senate has passed major legislation regulating digital assets."
NBC News·16d·"…The passage of the landmark bill to regulate cryptocurrency represents a big win for an industry that spent heavily to get President Donald Trump elected."
USA TODAY·16d·"…The fast-moving legislation, which will be sent to the House for potential revisions, comes on the heels of a 2024 campaign cycle where the crypto industry ranked among the top political spenders in the country, underscoring its growing influence in Washington and beyond."
Fortune·17d·"…The changes include requiring members of Congress and Executive Branch officials to disclose stablecoin holdings over $5,000, stronger bankruptcy protections for bank depositors and directing the Treasury to issue formal rules for monitoring suspicious transactions."
CBS News·17d·FAQ
The GENIUS Act ties stablecoins to the US dollar, establishes consumer protections, requires stablecoins to be backed by liquid assets, and mandates reserves for holders to cash out.
While the GENIUS Act addresses general consumer protections, it does not specifically address concerns about President Trump's financial interests in cryptocurrency.
The GENIUS Act now moves to the House for consideration, where its potential impact on the financial system will be debated.
History
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