US Senate Democrats Cross the Aisle to Assist Republicans Pass Crypto Expense

The Senate passed legislation Tuesday that would regulate a type of cryptocurrency known as stablecoins, the first of what the industry hopes will be a wave of bills to boost its legitimacy and reassure customers. The fast-moving legislation, which passed by a 68-30 vote and will be sent to the House for potential modifications, begins on the heels of a 2024 campaign cycle in which the crypto industry ranked among the top political spenders in the country, underscoring its growing influence in Washington and beyond.

An arrangement in the bill bans members of Congress and their families from profiting off stablecoins. Ahead of Tuesday’s vote, Scott Bessent, the Treasury Secretary, urged the Senate to pass the bill, stating it could help stablecoins “grow into a $3.7 trillion market by the end of the decade”.

The Senate passed legislation Tuesday that would regulate a type of cryptocurrency known as stablecoins, the first of what the industry hopes will be a wave of bills to boost its legitimacy and reassure customers. Known as the GENIUS Act, the bill would establish guardrails and consumer protections for stablecoins, a type of cryptocurrency typically pegged to the U.S. dollar. An provision in the bill prohibits members of Congress and their families from profiting off stablecoins. Slotkin acknowledged the bill “wasn’t perfect” but called it a “good-faith, bipartisan start” to regulating stablecoins. Ahead of Tuesday’s vote, Scott Bessent, the Treasury Secretary, encouraged the Senate to pass the bill, stating it could help stablecoins “grow into a $3.7 trillion market by the end of the decade”.