The Senate has passed a landmark bill to regulate stablecoins this afternoon on a 68-30 vote. A group of 18 Democrats joined Republicans to enact guardrails on a type of crypto product used to conduct digital asset transactions.
This result hasn’t been much in doubt this month. The number of Democrats who back the GENIUS Act has steadily ticked upward.
But the size and shape of this bipartisan coalition is a serious win for the crypto industry – not to mention several key senators – including bill author Sen. Bill Hagerty (R-Tenn.), Senate Banking Committee Chair Tim Scott (R-S.C.) and Sens. Cynthia Lummis (R-Wyo.), Kirsten Gillibrand (D-N.Y.) and Angela Alsobrooks (D-Md.).
