(The Epoch Times)—The Senate passed the Guiding and Establishing National Innovation for U.S. Stablecoins Act, commonly known as the Genius Act, on June 17, marking a significant step in cryptocurrency regulation.
In a rare glimpse of bipartisan support in the upper chamber, senators voted 68 to 30 in favor of the bill.
The Genius Act aims to regulate the $200 billion stablecoin market, providing the banking and finance sectors with a clearer regulatory framework for digital currencies.
Last week, the crypto bill overcame a filibuster by securing 68 votes in the Senate.
House Financial Services Committee Chairman French Hill (R-Ark.) championed the bill, vowing to work with his lower chamber colleagues “to bring much-needed clarity and protections to the digital asset ecosystem.”
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