Senate passes GENIUS stablecoin bill in a win for the crypto industry

In a 68-30 vote on Tuesday evening, the Senate overwhelmingly passed the GENIUS Act with bipartisan support. Eighteen Democrats joined the majority of Republicans in passing the bill, which is the first to establish a federal regulatory framework for stablecoins, crypto tokens that are pegged to the value of the US dollar.

In the past year, and after the crypto industry funneled over $131 million into Donald Trump's presidential campaign, the Republican Party has embraced the crypto industry with enthusiasm...