The US Senate voted 68 to 30 in favor of passing the Guiding and Establishing National Innovation for US Stablecoins, or GENIUS Act, bringing the legislation closer to a full vote, The Block reported on Thursday.
The bill, introduced last month, aims to establish regulatory clarity for stablecoins.
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Senate Majority Leader John Thune defended the bill, arguing that it would position the United States as the "crypto capital of the world," a sentiment that echoes President Donald Trump's pro-cryptocurrency stance.
Senator Elizabeth Warren criticized the bill for unresolved "core problems" and expressed concern about Trump's ties to the cryptocurrency company backed by his family.