- The GENIUS stablecoin bill has advanced in the Senate with strong bipartisan support.
- David Sacks expressed full confidence that the bill will pass into law soon.
- Sixteen Democrats joined Republicans to push the bill past the 60-vote threshold.
The GENIUS stablecoin bill has advanced in the Senate, securing bipartisan support and clearing its latest legislative hurdle. White House crypto and AI czar David Sacks expressed full confidence that the bill would pass law. The legislation’s strong momentum and backing from both parties signal a shift toward stablecoin regulation in the United States.
Bipartisan Senate Support Strengthens GENIUS Stablecoin Bill’s Momentum
The GENIUS stablecoin bill received support from 66 senators during Monday’s key vote, exceeding the 60-vote threshold required. Just 16 Democrats voted in favor, a rare bipartisan moment for crypto-related regulation. The bill came up short in the previous session, facing resistance and failing to advance, but it marked a big turnabout from that session.
However, the senators managed the easy part, garnering initial approval from the full Senate on amendments, led by Senators Cynthia Lummis and Bill Hagerty, over concerns flagged the first time around on May 8. These changes encouraged broader Democratic support, helping push the GENIUS stablecoin bill through procedural obstacles. Bipartisan revisions have set the bill up for final passage in the coming weeks.
But thanks to a vote of 66 32, the result reduced to any threat of a filibuster and showed the unified legislative intent, Sacks said. This vote is a key milestone for the GENIUS stablecoin bill, which seeks to establish clear federal oversight. The legislation now looks set to win formal approval with more lawmakers supporting it.
Stablecoin Framework Tied to US Economic and Strategic Goals
David Sacks emphasized that the GENIUS stablecoin bill carries strategic value beyond crypto regulation, particularly in strengthening US financial dominance. He added that it will help to strengthen global dollar usage by buttressing domestic payment systems with modernisation. It is expected to serve long-term economic interests and help augment digital dollar influence worldwide.
By helping create a regulated stablecoin market, they would also increase access to US Treasury instruments through a new vehicle for capital inflows. Stablecoins pegged to real-world assets can help modernize finance and increase demand for US Treasury instruments, Sacks said. The GENIUS stablecoin bill is an economic policy tool, not just a regulatory move.
As it is today, stablecoins exist in a siloed environment with little federal oversight, replete with risks and lost opportunities. Sacks argued that bringing structure through the GENIUS stablecoin bill can unlock major fiscal benefits. This bill won’t pass unless the White House gets it as a key piece of the idea that we need a regulatory framework for a financial system in the digital age.
Market Growth Aligns With Legislative Urgency for Stablecoin Clarity
The stablecoin market has grown rapidly, signaling an urgent need for federal regulatory clarity through the GENIUS stablecoin bill. As the sector accelerates, Tether’s USDT just chalked up $152 billion in market value. Its stablecoin market cap now hovers around $250 billion, up immensely from last quarter.
Sacks noted that $200 billion is already in US markets for stablecoins without comprehensive legal clarity and protection. The GENIUS stablecoin bill would ensure this capital operates under a robust regulatory framework aligned with national priorities.
“I believe this alignment will bring transparency, trust, and stability, hopefully, to this fast-growing sector,” Arronij said.
As market activity surges, the Senate’s renewed momentum on the GENIUS stablecoin bill highlights the government’s urgency. The bill seems increasingly certain to become law with strong bipartisan endorsement and White House backing.
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