US Senate Advances Stablecoin Bill For Consideration

In an X post, journalist Eleanor Terrett revealed that the US Senate voted 69 to 31 to advance the GENIUS Act to the amendment process.

The stablecoin bill is now one step closer to becoming the first major crypto regulatory framework in the US following the latest vote by the US Senate to move the bill to the amendment process.

Also known as the GENIUS Act, this bill seeks to regulate stablecoins in the US, a move that will further provide clarity for the crypto industry.

US Senate Votes to Advance Stablecoin Bill

According to a post by journalist Eleanor Terrett, the US Senate voted 69 to 31 to advance the GENIUS Act to the amendment process.

The Senate just voted 69-31 to advance the stablecoin bill (GENIUS Act) to the amendment process. This follows a vote two weeks ago in which the US Democrats voted against advancing the bill. However, the Senate had brought back the bill through a cloture vote on Monday.

— Eleanor Terrett (@EleanorTerrett) August 7, 2023

This marks a positive step towards passing the bill, which the US Democrats had voted against two weeks ago. However, the Senate had brought back the bill through a cloture vote on Monday, voting 66 to 32 in favor of advancing it for a vote on whether to debate it on the floor.

Following the vote on Monday, Senator Bill Hagerty, who introduced the bill, said he looks forward to making history with his colleagues by eventually passing the GENIUS Act.

As the Senator explained, if passed, the bill will provide a legal framework that will enable the US financial system to thrive and ensure that America remains the “hotbed” of innovation globally.

Ahead of passing the stablecoin bill, Ripple is looking to dominate the stablecoin market through a possible acquisition of Circle, which issues the second-largest stablecoin by market cap.

As CoinGape reported, Circle is allegedly in talks with Ripple and Coinbase for a potential sale, while also planning an IPO.

Meanwhile, it is worth mentioning that the GENIUS Act would still have to pass through the US House if the Senate eventually votes in favor of making it law. As such, it remains unclear when the bill could reach Donald Trump’s desk for assent.