The US Senate passes the stablecoin GENIUS Act, shifting focus to the House of Representatives

According to Golden Finance, the US Senate passed the landmark GENIUS Act on Tuesday, driving the federal government's regulatory efforts on stablecoins and putting pressure on the House of Representatives to plan the next phase of the country's efforts to regulate digital assets. This is the first time that the Senate has passed significant cryptocurrency legislation. The initiator of the GENIUS Act, Republican Senator Bill Hagerty, thanked some of his fellow senators for their support before the official vote. Less than a week ago, lawmakers overwhelmingly voted to pass the bill, and many expected it to be passed. Next, the House of Representatives needs to decide how to proceed. In April of this year, the House Financial Services Committee proposed its own stablecoin legislation - the "Stablecoins Transparency and Accountability for a Better Ledger Economy Act". However, the bill has not yet been submitted for a full vote in the House of Representatives.