GENIUS Act Advances! U.S. Senate Passes Bill with Overwhelming 68-30 Vote
TradingKey – The U.S. Senate has overwhelmingly passed the GENIUS Act, a landmark stablecoin regulation bill, with a 68-30 vote. The next step is a vote in the House of Representatives.
According to Cointelegraph, the Senate approved the GENIUS Act on June 11, marking a significant milestone in U.S. crypto legislation. Officials view the bill as critical for the country’s financial future.
Senate Majority Leader John Thune stated,“This bill will help position the U.S. as the global hub for cryptocurrency.”
Similarly, Senator Bill Hagerty emphasized, “The GENIUS Act will strengthen demand for U.S. Treasury bonds and reinforce the dollar’s status as the world’s reserve currency.”
Treasury Secretary Besant has repeatedly highlighted the role of stablecoins in preserving the dollar’s dominance, stating,“Stablecoin demand for U.S. Treasuries is estimated at $2 trillion and could exceed that level.”
Despite Senate approval, the GENIUS Act is not yet law. It must pass the House of Representatives before being sent to President Trump for final approval. If signed, the bill will officially become law.
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