GENIUS Act Clears Key Cloture Vote, Boosted by 16 Democratic Votes 🏛️
The US Senate passed a crucial cloture vote on the GENIUS Act, designed to regulate stablecoins, securing 66 votes in favor. Although not yet law, the bill proceeds to the Senate floor for debate.
Notably, 16 Democrats shifted their stance in support, highlighting bipartisan interest in stablecoin regulation. Eleanor Terrett reported its expected move to the Senate floor shortly.
Coinbase's Chief Policy Officer, Faryar Shirzad, termed it a "historic early win," while expressing that further steps are necessary. Senator Bill Hagerty believes the Act will bolster US Treasury bonds and maintain dollar dominance.
Critics like Senator Elizabeth Warren caution against systemic risks due to the Act's lack of foundational guardrails. Crypto expert Richard Heart argues it traps stablecoins within traditional banking, stifling DeFi innovation, while Andrei Grachev views it as a maturation step for the ecosystem.
The ongoing debate about stablecoin regulation raises significant implications for digital finance's future in the US.
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