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Julia Smith
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Julia Smith
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The Blockchain Association is celebrating the Senate’s advancement of the GENIUS Act as pro-crypto politicians seek to enact a comprehensive stablecoin regulatory framework, a May 19 X post from the organization reveals.
GENIUS Act Advances After Narrow Defeat
According to the X post, Blockchain Association Interim CEO and Head of Policy Sarah Milby called Monday’s cloture vote “a meaningful step toward establishing clear, common sense rules for stablecoins.”
“This bipartisan progress reflects the growing recognition of the need for a regulatory framework for stablecoins that supports innovation, ensures consumer protection, and reinforces U.S. leadership in digital assets,” Milby said. “We welcome the continued progress and debate on this important legislation.”
The GENIUS Act’s procedural vote saw 66 senators vote yes on the landmark crypto bill, though 32 U.S. lawmakers continued to hold out approval after weeks of partisan turbulence regarding the blockchain sector.
The legislation failed to advance in a vote held nearly two weeks ago, with reports emerging that the Trump-affiliated World Liberty Financial’s stablecoin, USD1, would be used to finalize a deal between Abu Dhabi-based investment firm MGX and Binance.
“The GENIUS Act will accelerate Trump’s corruption by supercharging the size of the stablecoin market and the reach and profitability of USD1,” Senator Elizabeth Warren said on the Senate floor on Monday.
“And, for the first time in American history, it also makes our president—Donald Trump—the regulator of his own financial product,” Warren continued.
Donald Trump Faces Crypto Scrutiny
U.S. President Donald Trump is slated to host top investors in his meme coin, $TRUMP, at an exclusive gala dinner in Washington, D.C., on May 22.
Critics argue that the event may be unethical as foreign influences may be able to buy Trump’s favor by purchasing sweeping amounts of the coin.
Meanwhile, the GENIUS Act is expected to face a full Senate vote sometime after Memorial Day.
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