David Sacks: The passage of the GENIUS Act is a major victory for the Crypto Assets sector.

On May 20, the White House cryptocurrency and artificial intelligence director, the "Crypto King" David Sacks, posted a comment on the Senate procedural motion for the passage of the today's "GENIUS stablecoin bill", stating, "This legislation creates a legal framework for stablecoins, which is a significant victory for the Crypto Assets field. The bill will now move into the full Senate voting stage. Thanks to Senator Bill Hagerty, who led the push for the bill and successfully garnered over 60 votes in support for the 'GENIUS Bill'." BlockBeats previously reported that the U.S. Senate voted to advance the "cloture motion" for the "GENIUS stablecoin bill" into formal consideration, with at least 15 Democratic senators changing their votes to support it, including Cortez Masto, Adam Schiff, Mark Warner, and others. The bill is now set to enter comprehensive review procedures, having only passed the "cloture motion", while the bill itself has not yet been approved. The "GENIUS Bill" will next enter the debate and amendment phase in the Senate.