Senate passes landmark crypto legislation with bipartisan support
The 68-30 vote reflects a major victory for the crypto industry, which has been aggressively lobbying Congress on the legislation. The bill next must be approved by the Republican-led House before Trump can sign it into law.
Its passage also marks a turnaround from May, when Democrats who had supported the bill blocked it over concerns about Trump's connections to the industry. World Liberty Financial, a crypto venture linked to Trump that has already brought in more than $53 million, has launched USD1, a U.S. dollar-backed stablecoin. Trump also held a dinner late last month for the top purchasers of the $TRUMP meme coin, owned by an affiliate of The Trump Organization.
More: Trump brought in $57 million from crypto venture, millions from sneakers and bibles
The bill, dubbed the GENIUS Act, would create a framework to regulate stablecoins. Stablecoins are a type of cryptocurrency that are tied to the value of another asset, like the U.S. dollar. Comparatively, most cryptocurrency fluctuates based on market valuation, like Bitcoin and Ethereum.
"Digital assets are a force for good," said Sen. Cynthia Lummis, R-Wyoming, who has been a vocal advocate for the bill. "This legislation is also about economic security and opportunity. ... It ensures American consumers and businesses can participate in the digital economy with confidence and security."
The bill would create new guardrails for the industry, including requiring companies to hold a reserve of assets so stablecoin holders could always cash out, just like banks. It would also bar members of Congress or senior executive branch officials from "issuing a payment stablecoin product during their time in public service."
A vocal contingent of Democrats have opposed the legislation, arguing it does not do enough to regulate the industry and would directly benefit Trump, whose family business is already profiting from cryptocurrency.
"There is nothing in the GENIUS Act to stop this corruption. In fact, the Senate bill would accelerate the corruption," Sen. Elizabeth Warren, D-Massachusetts, said on the Senate floor on June 11. "It would make Trump the regulator of his own financial company and, importantly, the regulator of his competitors."
Contributing: Medora Lee
This article originally appeared on USA TODAY: Landmark crypto bill passes Senate with bipartisan support
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