Senate Passes Crypto Bill ‘Genius Act’ in Bipartisan Vote

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.”...