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Category: CRYPTO NEWS
The post U.S. Senate Passes GENIUS Act with Bipartisan Support – Coincu appeared on BitcoinEthereumNews.com. Key Points: The Senate passed the GENIUS Act, introducing U.S. stablecoin regulation. Strong bipartisan support observed with 68 votes in favor. Market optimism tempered by conflict of interest concerns. U.S. Senate passed the GENIUS Act on June 18 with 68 votes in favor and 30 against, sending it to the House of Representatives for further deliberation. The legislation introduces the first comprehensive regulatory framework for stablecoins in the United States. The move is expected to enhance consumer protection and financial innovation while raising ethical concerns about conflicts of interest. The U.S. Senate’s approval of the GENIUS Act signifies a significant step towards regulating stablecoins. With 68 votes in favor, the bipartisan decision demonstrates a keen interest in setting federal standards in the crypto sector. Senators Tim Scott and Kirsten Gillibrand were instrumental in advancing the legislation which aims to enforce one-to-one reserves and anti-money laundering mechanisms. Stablecoin Regulation Advances with GENIUS Act Approval Concerns about potential misuse of power have been highlighted by Democrats, especially given the financial involvement of the Trump family in the crypto market. While the bill fosters safer stablecoin markets, the lack of restrictions on presidential families’ profits has sparked controversy. Over $57 million in profits were made by the Trump family’s World Liberty Financial project last year. Market observes a mixed reaction with experts noting the regulatory clarity as a positive development for stablecoin adoption. Elizabeth Warren, among others, voiced concerns over the absence of anti-corruption measures, underscoring possible conflicts of interest this legislation could engender. Her stance reflects an ongoing tension between innovation and ethical governance within the legislative process. This bill marks a new era of bipartisan cooperation for consumer protection and innovation in the financial sector, ensuring stablecoins serve the American people safely. — Senator Tim Scott, U.S. Senate Banking Committee GENIUS…
2025-06-18T02:34:13+00:00