The U.S. Senate has moved forward with the GENIUS Act, a major bill to regulate stablecoins—digital tokens tied to traditional currencies like the U.S. dollar. The vote passed 66-32, with support from 16 Democrats joining most Republicans. Two GOP Senators, Rand Paul and Jerry Moran, voted against it. This vote came two weeks after Senate Democrats had blocked the bill due to concerns over security and regulation.
The breakthrough came after a bipartisan group of senators agreed on an amendment to address Democratic concerns. The amendment adds stronger consumer protections, restricts tech companies from issuing stablecoins, and applies ethics rules to high-profile individuals like Elon Musk and David Sacks.
Democrats who negotiated the amendment have agreed to support the bill even if their changes aren’t passed. Republicans haven’t confirmed if they’ll support the amendment. Still, it could attract more Democratic support.
The bill includes a clause banning members of Congress and senior officials from launching stablecoins while in office. However, it does not restrict Donald Trump’s crypto activities, which some Democrats have criticized, especially after his dinner with holders of a meme coin.
A final vote on the bill is expected after the Memorial Day recess.