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The U.S. Senate passed the GENIUS Act, marking a regulatory milestone for the encryption industry.
On June 18, local time Tuesday, the U.S. Senate passed the landmark crypto assets legislation “GENIUS Act,” aimed at promoting the rise of the industry. This is a historic lobbying victory for digital asset companies in the Senate’s first vote on comprehensive regulatory reform for crypto assets.
The U.S. Senate passed the bill with a vote of 68 in favor and 30 against, with 18 Democrats joining the majority of Republicans in supporting its submission to the House for review.
The bill, led by Republican Senator Bill Hagerty of Tennessee, will establish a U.S. regulatory framework for stablecoins pegged to the value of the dollar for the first time.