A significant step towards regulating stablecoins was taken in the U.S. Senate, as lawmakers voted 68 to 30 to move forward with relevant legislation.
The Senate’s decision on Wednesday to invoke cloture on the “Guiding and Establishing National Innovation for U.S. Stablecoins Act,” or GENIUS, signals an imminent final vote on the measure. Cloture is a procedural mechanism designed to accelerate debate and bring a bill to a vote.
Addressing his colleagues on the Senate floor prior to the vote, Senator Tim Scott, a Republican from South Carolina remarked, “Let me be clear, this did not happen by accident. It happened because we led. To those who said Washington could not act, to those who doubted bipartisanship — let’s prove them wrong.”
The vote saw a split among Democrats, with notable figures like Senate Minority Leader Chuck Schumer of New York, Amy Klobuchar of Minnesota, and Elizabeth Warren of Massachusetts casting no votes. Conversely, some Democrats, including Senator Ruben Gallego of Arizona, supported the bill. Central to the Senate’s proposal are provisions requiring stablecoins to be entirely backed by U.S. dollars or similarly liquid assets, alongside annual audit requirements for issuers with a market capitalization exceeding $50 billion.
Kosta Gushterov
Reporter at Coindoo
Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets.
Source: https://coindoo.com/us-senate-advances-genius-act-for-crypto-stablecoin-regulation/