The Senate passed the GENIUS Act with a bipartisan vote of 68-30, creating a federal framework for stablecoins, enabling private entities to issue digital dollars. The bill observed strong Republican support, influenced partly by significant funding from the crypto sector to the Trump campaign. Despite support, some Democrats, including Elizabeth Warren, opposed the bill due to concerns about regulatory deficiencies and potential conflicts of interest, particularly regarding Trump's involvement in cryptocurrency. The House is developing its STABLE Act as a countermeasure, indicating ongoing legislative discussions.
The bill establishes a federal regulatory framework for stablecoin, allowing private companies to create their own 'digital dollars.'
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