The US Senate took the preliminary steps towards the final approval of its first major crypto legislation as members opened the vote on Wednesday on the bill to set standards for us stablecoin issuers and clear the highest procedural obstacle with a 68-30 result.
In a moment that will mark the industry’s biggest US political success to date, the famous slowly moving Senate is on its way to clearing the legislation with broad Bipartisan support. And when the Crypto World sees the Senate on the other hand, which had long been a crypto-resistant attitude, the Representant House has also scored a few key voices to promote the legislation even more crucial to the industry: Digital Asset Market Clarity Act that would establish a full set of rules that control us overcasts over the crypto markets.
In the Senate, the guidance and establishment of National Innovation for US StableCeCoins from the 2025 (Genius) Act is the highly revised bill that had already collected Bipartisan approvals in several procedural votes and is now on what is expected to be an inevitable path on Wednesday. The Senate was necessary to clear the high bar of 60 votes to move to the final vote, which was easily obtained when many Democrats joined Republicans to push forward towards stablecoin regulation.
The bill would establish a system under which stablecoins can be issued in the United States under the monitoring of state or federal regulators, leaving some opportunities for non-financial companies to launch their own coins (a criticism of Democrats). It is basic to regulate these assets for the operation of the crypto markets where dollar -based tokens like Circle’s
And Tether’s is routinely used in transactions and contracts.
At the previous congressional meeting, what the Democratic Bank Committee for the Senate stood in the way of promoting crypto legislation, but its current Republican chairman, Senator Tim Scott of South Carolina, has become a crypto-spokesman. The chamber’s overall pro-crrypto mood has become stronger in this session and will be further cemented with Wednesday’s votes.
Before Wednesday’s vote, the Genius Law sponsor, Senator Bill Hagty, asked his colleagues on support for the bill. “This would strengthen our fiscal position and cement dollars status as the world’s reserve currency,” Hagty argued. “If we do not act now, these benefits will not only slip away, we also fall behind in global competitiveness without a regulatory framework. But Senator Elizabeth Warren, the ranking Democrat on the Senate’s banking committee, went to the Senate floor to blow up brilliant law allows stable co-emiters to invest in risky assets and allow them to participate in risky non-stable-time activities Derivatives trading.
When the stablecoin bill is forwarded to parliament, it leaves the key decision in the hands of leaders whether they should pair the genius action with the market structure effort or to pursue it either as a straight-up vote on the Senate’s version or a more complex process of melting the Senate language with legislation already in the works in the house. Whatever happens, Parliament will have to match the Senate’s approval at a time before a stablecoin bill can move to the president’s desk to be signed in the law.
While the genius action advanced, it followed one day successful for advocates of the Law of the Clarity Act in Parliament, where this bill cleared the House Financial Services Committee and the House AG Committee with major Bipartisan votes on the same day on Tuesday.
Crypto -Lobbyists in Washington argue with their legislators allies that both bills are needed to properly regulate industry in the US
