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, voting overwhelmingly for the bill’s passage. There were two GOP holdouts: Senators Rand Paul of Kentucky and Josh Hawley of Missouri, both ardent critics of Big Tech. The bill now goes to the House of Representatives, which is working on its own companion legislation, the STABLE Act.
Its passage had not always been assured. Back in May, nine Democrats who’d previously supported the GENIUS Act suddenly reversed course, asking to revise the bill’s text, and days later, Senators Elizabeth Warren (D-MA) and Ron Wyden (D-WA) successfully killed an attempt to bring the bill to a floor vote by citing several current events involving the Trump family’s crypto ventures, including …