U.S. Senate Passes GENIUS Stablecoin Bill

Group 1 - The U.S. Senate passed the GENIUS Act with a vote of 68-30, marking the first federal regulatory framework for stablecoins, which are crypto tokens pegged to various assets [1] - The bill received support from 18 Democrats and the majority of Republicans, indicating a growing acceptance of the crypto industry within the Republican Party [2] - The GENIUS Act will now move to the House of Representatives, which is developing its own related legislation, the STABLE Act [3] Group 2 - There was a notable shift in support for the GENIUS Act, as nine Democrats who initially backed the bill requested revisions, leading to a blockage by Senators Elizabeth Warren and Ron Wyden [4] - Senator Warren, a prominent advocate for consumer protections, ultimately voted against the bill, citing a lack of essential regulatory safeguards [5] - The digital assets sector views the passage of the GENIUS Act as a critical moment, with significant investments in lobbying efforts and political engagement from the industry [5]