The bill passed without amendments to address Donald Trump’s connections to World Liberty Financial’s stablecoin, which many Democrats had been calling for.
The Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, is one step closer to becoming law in the US after the US Senate voted to pass an amended version of the bill.
In a Tuesday vote of 68-30, a majority of the US Senate chose to pass the GENIUS Act roughly six weeks after Tennessee Senator Bill Hagerty introduced the legislation. The bill’s companion, the STABLE Act, may be considered in the House of Representatives next, where it could face additional proposals for amendments.
“With this bill, the United States is one step closer to becoming the global leader in crypto,” said Hagerty from the Senate floor before the Tuesday vote, adding: “Once the GENIUS Act is law, businesses of all sizes, and Americans across the country will be able to settle payments nearly instantaneously rather than waiting for days or sometimes even weeks.”
