The procedural vote stalled what had been dubbed \u201cCrypto Week,\u201d where lawmakers were expected to vote on sweeping legislation related to stablecoins, digital asset classification, and central bank digital currencies.<\/p>\n
At the heart of the package was the GENIUS Act (Guiding and Establishing National Innovation for U.S. Stablecoins), which passed the Senate with strong bipartisan support (68-30). It would have required stablecoins to be backed 1:1 with U.S. dollars or similar liquid reserves, enforce annual audits for large issuers, and provide clear registration guidelines for foreign issuers.<\/p>\n
The CLARITY Act was also on the docket, aiming to resolve jurisdictional confusion between the SEC and CFTC by categorizing which digital assets qualify as securities versus commodities. Meanwhile, the Anti-CBDC Surveillance State Act sought to ban a Federal Reserve-issued digital dollar, citing privacy concerns.<\/p>\n