Historic Crypto Bill Clears Major Hurdle
Senate crypto bill moves forward as lawmakers take major step toward regulating digital assets in the U.S. The vote cleared a 60-vote threshold with 16 Democrats joining Republicans. This is the most significant progress on crypto regulation in U.S. history.
The Bill: What It Does
The legislation, led by Sen. Bill Hagerty (R-Tenn.), creates a national framework for stablecoins—digital assets tied to the U.S. dollar. Named the Genius Act, it aims to legitimize crypto while offering investor protections.
Why It Matters for Crypto
Crypto firms have lobbied for clear regulations. This bill provides a first-ever U.S. foundation for the sector. It may help companies innovate while protecting consumers from fraud and instability.
Democrats Split on Support
Although some Democrats backed the bill after updates, others raised concerns. Sen. Elizabeth Warren led the opposition, citing worries over ties to Trump family crypto ventures and national security.
She said the bill “facilitates corruption and weakens oversight.” A heated floor exchange between Warren and Sen. Kirsten Gillibrand, a key Democratic sponsor, showed the party’s deep divide.
Supporters Cite Urgency and Innovation
Supporters like Sen. Mark Warner argued regulation is overdue. He acknowledged concerns but said, “Blockchain is here to stay.” Fellow Democrats Angela Alsobrooks, Ruben Gallego, and others also voted yes, favoring clarity for businesses and consumers.
Next Steps for the Genius Act
Though the bill cleared the procedural vote, final Senate approval may wait until after the Memorial Day recess. If passed, it heads to the GOP-led House, where it must be reconciled with a similar measure passed by the House Financial Services Committee.
