GENIUS Act Enters Formal Review Stage After U.S. Senate Passes Procedural Motion

The U.S. Senate passed a procedural motion, and the GENIUS Act entered the formal review stage

output: The U.S. Senate passed a procedural motion on Thursday, advancing the bipartisan GENIUS Act, a comprehensive measure to counter China’s economic, technological and military rise, into the formal review stage.

The Senate voted 66-32 to proceed with consideration of the bill, setting the stage for several hours of debate that could begin as early as 2:15 p.m. ET (18:15 GMT).

The procedural motion was passed with a comfortable majority, indicating strong support for the bill.

The GENIUS Act, which stands for "Grant Economic Opportunity, U.S. Innovation, and Nuclear Energy, and Secure Technologies," is a sprawling piece of legislation that spans several policy domains.

It aims to provide $70 billion in economic assistance to Southeast Asia and the Pacific to counter China’s growing influence in the region.

The bill would also create a new technology investment fund to compete with China’s vast technological capabilities.

In addition, the act would allocate billions of dollars to develop advanced nuclear energy and secure critical minerals supply chains.

The GENIUS Act is part of a broader effort by the Biden administration to adjust U.S. economic policy in response to the rising economic and technological challenge posed by China.

The administration has been working to shore up U.S. competitiveness in key areas such as semiconductors, batteries and artificial intelligence.

The procedural motion was passed after a lively discussion among senators on the implications of the GENIUS Act.

Several senators expressed their support for the bill, highlighting the need to counter China’s growing economic and technological footprint.

However, some senators raised concerns about certain provisions of the bill, such as the technology investment fund, which they argued could be used to bail out U.S. companies.

Despite these concerns, the procedural motion was passed with a bipartisan majority, setting the stage for further consideration of the GENIUS Act by the Senate.output: The U.S. Senate passed the procedural motion of the GENIUS Act with 66 votes in favor on Thursday afternoon, paving the way for a vote on the bill itself. The procedural motion was met with 32 votes against.

The U.S. Senators began their discussion of the procedural motion around 12:30 p.m. ET (16:30 GMT) on Thursday, setting the stage for several hours of debate on the bipartisan GENIUS Act (Grant Economic Opportunity, U.S. Innovation, and Nuclear Energy, and Secure Technologies).

The Senate is expected to vote on the procedural motion around 1:30 p.m. ET (17:30 GMT). If the motion passes, senators will then proceed to debate the bill itself, which could take several more hours.

The procedural motion is a high hurdle for any bill to clear, as it requires a majority of senators present and voting to move the bill forward. However, the procedural motion on the GENIUS Act passed with a comfortable majority, setting the stage for a final vote on the bill itself.

The GENIUS Act is a comprehensive measure that aims to provide $70 billion in economic assistance to Southeast Asia and the Pacific to counter China’s growing influence in the region. The bill would also create a new technology investment fund to compete with China’s vast technological capabilities.

In addition, the act would allocate billions of dollars to develop advanced nuclear energy and secure critical minerals supply chains.

The Biden administration has been working to adjust U.S. economic policy in response to the rising economic and technological challenge posed by China. The administration has been focused on shoring up U.S. competitiveness in key areas such as semiconductors, batteries and artificial intelligence.

The administration is also working to strengthen U.S. economic partnerships in the Indo-Pacific region to counter China’s growing economic footprint.

The procedural motion on the GENIUS Act paves the way for the Senate to take up the bill in the coming days.output: U.S. SEC Chairman Jay Clayton has said that the agency is actively adapting its approach to crypto regulation, noting a transition from an “ostrich policy” to one of open discussion and integration.

In an interview with The Block, Clayton said that the SEC began thinking about crypto in the 1930s with the creation of bitcoin, and there was a period of time when the SEC wasn’t focused on crypto.

“We had what people used to call an ostrich policy, where we weren’t really looking at it,” Clayton said.

However, he said that the SEC has since begun to discuss crypto more openly and has moved away from a policy of avoidance.

“Over the last year and a half, we’ve really begun to discuss it, to have conferences on it, and to integrate it into our thinking,” Clayton said.

He added that the SEC has also been working to bring together the different divisions of the agency to focus on crypto.

“We’