Michaela
The U.S. Senate has voted 68-30 to advance the GENIUS Act, a stablecoin regulation bill, overcoming weeks of legislative stalemate previously linked to concerns surrounding President Donald Trump’s cryptocurrency ties.
Speaking from the Senate floor on June 11, Majority Leader John Thune advocated for the bill’s passage, aligning with sentiments expressed by President Trump regarding digital assets, notably the aspiration to establish the U.S. as a global “crypto capital.”
A bipartisan majority of senators, including numerous Democrats, cast votes to invoke cloture on the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act. This procedural step clears the path for comprehensive debate and a subsequent full floor vote, preceding its potential transmission to the House of Representatives for further deliberation.
Thune shared that the GENIUS Act serves as a key mechanism for integrating cryptocurrency into mainstream finance. He further acknowledged that Congress still faces substantial work concerning digital assets, citing a distinct market structure bill, known as the CLARITY Act, currently under consideration in the House of Representatives.
Senator Elizabeth Warren, a vocal critic of the cryptocurrency sector, pointed out concerns regarding fundamental flaws within the GENIUS Act, asserting that the chamber’s failure to consider specific bipartisan amendments left these issues unaddressed.
Additionally, Senator Warren reiterated widespread Democratic apprehensions regarding President Trump’s engagements with the crypto industry, specifically citing alleged incentives like exclusive access for his meme coin holders.
“Through his crypto business, Trump has created an efficient means to trade presidential favors like tariff exemptions, pardons, and government appointments for hundreds of millions, perhaps billions of dollars from foreign governments, from billionaires, and from large corporations,” Senator Warren stated. “By passing the GENIUS Act, the Senate is not only about to bless this corruption, but to actively facilitate its expansion,” she added.
Furthermore, Senator Warren contended that the legislation is undermined by numerous vulnerabilities and offers inadequate safeguards for consumers, national security, and the broader financial system.
Despite the GENIUS Act’s initial procedural setback during a May cloture vote, David Sacks, White House “AI and crypto czar”, conveyed the White House’s anticipation of its eventual bipartisan passage in the Senate. Concurrently, the House’s companion stablecoin legislation, the STABLE Act, remained under review by its Financial Services Committee as of May.
Read More
- Senators Push to Block Trump From Profiting Off GENIUS Act
- Senate Advances GENIUS Act to Regulate $250B Stablecoin Market
- GENIUS Act Revival Backed by Brian Armstrong, 60 Crypto Execs
Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
