The United States Senate Votes to Pass the "GENIUS Stablecoin Act"

BlockBeats News, on June 18, according to reports by Politico, the U.S. Senate passed the landmark cryptocurrency legislation, the GENIUS Act, on Tuesday local time, aiming to promote the growth of the industry. This marks a historic lobbying victory for digital asset companies during the Senate's first-ever vote on comprehensive regulatory reforms for cryptocurrencies.

The U.S. Senate approved the bill by a vote of 68 in favor and 30 against, with 18 Democrats joining the majority of Republicans in supporting its advancement to the House of Representatives for review.

Spearheaded by Republican Senator Bill Hagerty from Tennessee, the bill will, for the first time, establish a U.S. regulatory framework for stablecoins pegged to the value of the U.S. dollar.