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Senate approves GENIUS Act for cryptocurrency regulation

The Senate passed the GENIUS Act to regulate stablecoins with a vote of 68-30.

June 17, 2025 at 10:39 PM

Senate passes first-of-its-kind cryptocurrency legislation

The Senate moved forward with the GENIUS Act, a significant step for cryptocurrency regulation.

Senate passes bipartisan cryptocurrency legislation

The Senate approved the GENIUS Act, a bipartisan bill focused on regulating stablecoins that are tied to the US dollar, with a vote of 68-30. Democrats and Republicans have been discussing this legislation for months, aiming to establish clear guidelines for the fast-evolving cryptocurrency sector. The legislation now heads to the House, where there is push for further action on stablecoin rules. Critics, including Sen. Elizabeth Warren, argue the bill lacks necessary safeguards and could lead to corruption, especially concerning the financial activities linked to former President Trump. Supporters like Sen. Bill Hagerty emphasized its intent to promote consumer protection and maintain the US's lead in digital payment systems.

Key Takeaways

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The Senate voted 68-30 in favor of the GENIUS Act to regulate stablecoins.

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Critics argue the bill may not provide enough protections against corruption.

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Bipartisan support shows a rare unity on cryptocurrency regulation in Congress.

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Further discussions in the House could lead to more stringent guidelines.

"This is simply about putting the United States of America on the best digital payments path that it possibly could be on."

Sen. Bill Hagerty emphasizes the bill's goal of consumer protection and digital currency leadership.

"If Congress passes a bill that exempts the president from ethics requirements around cryptocurrency, we will have no one to blame but ourselves."

Sen. Chris Murphy warns of the ethical risks tied to the legislation, stressing the need for stricter guidelines.

"The bill does not place sufficient guardrails on stablecoin and could lead to increased corruption."

Sen. Elizabeth Warren critiques the GENIUS Act, pointing out potential loopholes.

The passage of the GENIUS Act highlights a growing consensus among lawmakers about the need for clear regulations in the cryptocurrency space. However, the concerns raised by Democrats suggest that any solutions must address ethical implications. With political dynamics in play, these negotiations reflect not only the urgency of regulation but also the complexities brought on by individual interests within the government. As this bill moves to the House, the balance between innovation and regulation will be a pivotal challenge moving forward.

Highlights

This legislation is about consumer protection and dollar dominance.
Critics worry it may supercharge corruption in cryptocurrency.
The Senate's move is a pivotal step for stablecoin regulation.
Bipartisan backing shows a unique moment for cryptocurrency policy.

Risk of Ethical Controversies in Cryptocurrency Legislation

The GENIUS Act raises concerns about potential corruption, particularly regarding ethics guidelines for cryptocurrency management related to political figures.

The outcome of this bill may shape the future of cryptocurrency regulation in the US.

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cryptocurrency stablecoins legislation bipartisan politics politics cryptocurrency

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