News View Non-AMP

Breaking: U.S. Senate Moves GENIUS Act Forward with 66-32 Vote

Published by
Anjali Belgaumkar

The U.S. Senate has passed a motion to move forward with the GENIUS Act. The motion to invoke cloture — which allows the Senate to proceed with debating the bill — was approved with a 66-32 vote.

Interestingly, more than 15 Democratic senators, including Catherine Cortez Masto, Adam Schiff, Mark Warner, and Ruben Gallego, changed their earlier ‘no’ votes to ‘yes.’ However, Senate Minority Leader Chuck Schumer voted against the motion. Senator Josh Hawley was absent during the vote.

However, this vote does not mean the GENIUS Act has become law. It simply allows the Senate to begin discussing, debating, and potentially amending the bill before a final vote.

Why This Matters for Crypto Investors

The GENIUS Act includes regulations for stablecoins — digital currencies tied to traditional assets like the U.S. dollar. Many in the crypto community see this as a positive step because it introduces clear rules, ensuring stablecoin issuers hold proper reserves like U.S. treasury bonds. It also demands more transparency about how these stablecoins are backed.

Experts say this could strengthen trust in the crypto market and protect users from risks seen in the past when some stablecoin companies lacked proper financial backing.

Concerns Around Stablecoins and Politics

There’s ongoing debate about private tech companies like Meta or Square issuing their own stablecoins. Some see it as risky without strict regulations. Another concern is about political leaders, including President Trump, having financial interests in crypto-related projects, raising questions about fairness and possible conflicts of interest.

While having government figures support crypto might sound positive, experts warn it could lead to future problems if decisions appear to benefit insiders.

As reported by Eleanor Terrett, Josh Vlasto, spokesperson for CIFonX, said, “We congratulate the Senate on today’s vote. This action, and eventually passage of a stablecoin bill, clears the path for Congress to act on the mandate of voters to pass market structure legislation which creates clear rules of the road for digital assets.”

FAQs

What is the GENIUS Act?

The GENIUS Act is a US bill to regulate stablecoins, mandating asset reserves and transparency for issuers.

What was the Senate vote on the GENIUS Act cloture?

The Senate approved cloture 66-32 to begin debate on the GENIUS Act’s stablecoin regulations.

How could the GENIUS Act affect the crypto market?

By mandating reserves and transparency, it aims to boost investor confidence in stablecoins.

Anjali Belgaumkar

Writer by choice, CryptoCurrency Writer, and Researcher by chance. Currently, focusing on financial news and analysis, as well as cryptocurrency news and data. One may not call me a crypto “Enthusiast” but trust me I'm getting there.

Recent Posts

SHIB Team Rolls Out Major Shibarium Upgrade, Making SHIB Burns Faster and Easier

The Shiba Inu community has something new to cheer about. As the Shiba Inu team…

June 9, 2025

First Time Investing? Experts Recommend Ruvi AI (RUVI) Over Dogecoin (DOGE) for Smarter ROI in 2025

Starting your investment journey can feel overwhelming, especially in the fast-moving world of cryptocurrency. If…

June 9, 2025

XRP Coiling Up for a Big Move: Will it Reach $10 in the Upcoming Bullish Wave?

The XRP price remained consolidated within a tight range for over a couple of years,…

June 9, 2025

What’s The Best Crypto To Buy Beyond Dogecoin (DOGE) and Shiba Inu (SHIB)

Investors are scouring the crypto market for the best crypto to buy now, seeking tokens…

June 9, 2025

Why Gleec Transitioned From Secure Communications To Payments & Tokenized Art

For most blockchain developers these days, the focus of their efforts is no longer just…

June 9, 2025

New Crypto Coins Analysis: Bitcoin Solaris Mobile Mining App Allows Anyone to Mine from Their Phone, Unlike Bitcoin’s $15,000 Equipment

For years, Bitcoin mining has been a game for the wealthy. As ASIC machines skyrocketed…

June 9, 2025