David Sacks: "The GENIUS Act" Through Motion is a Major Victory for the Cryptocurrency Space

BlockBeats News, May 20th: White House Crypto and AI Czar, "Crypto Tsar" David Sacks, commented today on the passage of the GENIUS Stablecoin Act through a Senate procedural vote, saying, "This legislation has created a legal framework for stablecoins, marking a major victory for the cryptocurrency space. The bill will now proceed to a full Senate vote. Thanks to Senator Bill Hagerty for spearheading this bill, securing support from over 60 senators."

BlockBeats previously reported that the U.S. Senate voted to proceed to formal consideration of the GENIUS Stablecoin Act through a "cloture motion," with at least 15 Democratic senators changing their stance to support the move, including Cortez Masto, Adam Schiff, Mark Warner, and others. The bill will now undergo a comprehensive review process, having only passed the "cloture motion" and not the bill itself. The GENIUS Act will next go through debate and amendment stages in the Senate.