After weeks of behind-the-scenes wrangling, the U.S. Senate has voted 66–32 to advance the GENIUS Act—pushing long-awaited stablecoin legislation one step closer to reality.
Once dismissed due to concerns around consumer protection and ethical loopholes, the bill was revived through bipartisan compromise. Lawmakers revised sections on political influence and issuer accountability, earning just enough support to move forward.
Not all lawmakers are on board. Senator Elizabeth Warren continues to oppose the bill, warning it still poses risks to consumers and financial stability.
Despite criticism, crypto advocates are calling the vote a watershed moment. Senator Bill Hagerty says the legislation could drive over $1 trillion in demand for U.S. Treasuries and secure the dollar’s role in digital payments.
Supporters also point to its potential to establish regulatory certainty for fiat-backed stablecoins. Industry groups like Chainlink and the Cedar Innovation Foundation hailed the progress as a sign the U.S. is finally preparing to lead on digital finance policy.
The bill now heads to the House, where its final form will face further scrutiny.
U.S. Securities and Exchange Commission (SEC) Chairman Paul Atkins has emphasized the agency’s continued focus on investor protection, addressing insider trading, market manipulation, and the evolving landscape of cryptocurrency regulation.
Arizona Governor Katie Hobbs has officially vetoed House Bill 2324, a legislative proposal that aimed to create a state-managed reserve fund for holding seized cryptocurrency assets.
The U.S. Securities and Exchange Commission (SEC) is in the early stages of developing a standardized listing framework for token-based exchange-traded funds (ETFs), according to a July 1 report by journalist Eleanor Terrett.
The U.S. Securities and Exchange Commission (SEC) has officially approved the conversion of the Grayscale Digital Large Cap Fund into an exchange-traded fund (ETF), finalizing its transition from an over-the-counter product into a fully regulated ETF structure.