The Senate approved a big cryptocurrency bill in a 68-30 vote on Tuesday, with 18 Democrats joining most GOP senators to hand a victory to a digital asset sector that's long craved legitimacy through federal regulation.
The bill, known as the "GENIUS Act," would establish consumer protections and impose guardrails on stablecoins, a digital asset that's pegged to the U.S. dollar. Stablecoins are designed to be less volatile than Bitcoin, a token that swings wildly in price. Now the bill heads to the House, where lawmakers are expected to leave their imprint and amend it.
“With this bill, the United States is a step closer to being a global leader in crypto,” Republican Sen. Bill Hagerty of Tennessee, a bill sponsor, said on the Senate floor.
The crypto industry also cheered the development. "By advancing bipartisan stablecoin legislation, the Senate has taken a critical step toward providing the legal and regulatory clarity needed to foster responsible innovation and protect consumers," said Summer Mersinger, Blockchain Association CEO in a statement. She called it a "win" for American developers and entrepreneurs.
Sens. Josh Hawley of Missouri and Rand Paul of Kentucky were the only two GOP senators to oppose the measure. Most Democrats lined up against the measure since they argued it didn't do enough to establish limits on the Trump family's ability to profit off of their cryptocurrency ventures.
“Passing the GENIUS Act without strong anti-corruption measures stamps a Congressional seal of approval on President Trump selling access to the government for personal profit," said Sen. Jeff Merkley, a Democrat from Oregon, in a statement following the bill's passage.
President Donald Trump has signaled he wants passage of major cryptocurrency legislation before Congress adjourns for its regular summer recess in August. But that schedule is already getting packed with consideration of his megabill carrying the bulk of his agenda on taxes, border enforcement, and defense spending.
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