The Senate advanced a key cryptocurrency regulation bill on Monday with bipartisan approval, after previously being stalled by unanimous Senate Democrat opposition.
The GENIUS Act, which seeks to implement regulatory guidelines for stablecoins—tokens tied to currencies such as the US dollar—was advanced with a 66-32 vote. Sixteen Democrats joined most Senate Republicans, while Senators Rand Paul and Jerry Moran were the only Republicans voting against it.
The bill required at least 60 votes to proceed, with Republicans holding a three-seat Senate majority. Democratic agreement to move forward was achieved after bipartisan talks led to an amendment. Negotiators, including Senators Bill Hagerty, Cynthia Lummis, Mark Warner, Kirsten Gillibrand, Angela Alsobrooks, and Ruben Gallego, brokered this compromise last week.
The amendment, distributed over the weekend and seen by NBC News, includes added consumer protections, limits for tech companies on issuing stablecoins, and extended ethics rules for special government employees, temporarily affecting figures like Elon Musk and David Sacks.
