U.S. 'GENIUS Act' passes Senate with bipartisan support…Now heads to the House

YM Lee

Summary

The U.S. stablecoin bill, the GENIUS Act, reportedly passed the Senate with strong bipartisan support by a vote of 68 to 30.
The GENIUS Act, backed by both parties, is now headed for a final vote in the House.
While the bill contains provisions preventing lawmakers and their families from profiting, it was reported that the provisions regarding the president and their family were not included in the final bill.

*U.S. Capitol located in Washington, D.C.*

The U.S. stablecoin bill, GENIUS Act, which passed the Senate with bipartisan support, now heads for a vote in the House.

On the 18th (local time), Forbes reported, "The bill for establishing national innovation guidelines for stablecoins in the United States, the GENIUS Act, was approved by the Senate by a vote of 68 to 30. The legislation passed with support from both parties and now heads to the House for a final vote."

The GENIUS Act faced a brief setback when some Senate Democrats withdrew support after last month's announcement by the Emirates Support Fund that it would invest $2 billion in Binance through the Trump Family’s World Liberty Financial stablecoin. Nevertheless, the bill was ultimately passed.

Some Senate Democrats wanted to include an amendment in the bill to prevent the president and their family from benefiting through stablecoins, but this provision was not included in the final bill. However, provisions preventing lawmakers and their families from profiting are included.

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