Senate passes GENIUS stablecoin bill in a win for the crypto industry

In a 68-30 ballot connected Tuesday evening, the Senate overwhelmingly passed the GENIUS Act with bipartisan support. Eighteen Democrats joined the bulk of Republicans successful passing the bill, which is the archetypal to found a national regulatory model for stablecoins, crypto tokens that are pegged to the worth of the US dollar.

In the past year, and aft the crypto manufacture funneled implicit $131 cardinal into Donald Trump's statesmanlike campaign, the Republican Party has embraced the crypto manufacture with enthusiasm, voting overwhelmingly for the bill's passage. There were 2 GOP holdouts: Senators Rand Paul of Kentucky and Josh Hawley of Missouri, some ardent critics of Big Tech. The measure present goes to the House of Representatives, which is moving connected its ain companion legislation, the STABLE Act.

Its transition had not ever been assured. Back successful May, 9 Democrats who'd antecedently supported the GENIUS Act abruptly reversed course, asking to revise the bill's text, and days later, Senators Elizabeth Warren (D-MA) and Ron Wyden (D-WA) successfully killed an effort to bring the measure to a level ballot by citing several existent events involving the Trump family's crypto ventures, including …

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