On June 18, the U.S. Senate passed the landmark cryptocurrency legislation, the GENIUS Stablecoin Act, aimed at promoting the development of the crypto industry. This marks a historic victory as digital asset companies secured their first comprehensive regulatory reform vote in the Senate. The bill was approved with 68 votes in favor and 30 against, including support from 18 Democrats, and has now been submitted to the House of Representatives for consideration. The bill was initiated by Republican Senator Bill Hagerty of Tennessee and establishes the first U.S. regulatory framework for stablecoins pegged to the U.S. dollar.

BlockBeats News, on June 18, according to reports by Politico, the U.S. Senate passed the landmark cryptocurrency legislation, the GENIUS Act, on Tuesday local time, aiming to promote the growth of the industry. This marks a historic lobbying victory for digital asset companies during the Senate's first-ever vote on comprehensive regulatory reforms for cryptocurrencies. The U.S. Senate approved the bill by a vote of 68 in favor and 30 against, with 18 Democrats joining the majority of Republicans in supporting its advancement to the House of Representatives for review. Spearheaded by Republican Senator Bill Hagerty from Tennessee, the bill will, for the first time, establish a U.S. regulatory framework for stablecoins pegged to the value of the U.S. dollar.

The U.S. Senate passes the GENIUS Stablecoin Act, establishing the first regulatory framework for dollar-pegged stablecoins.

The U.S. Senate passes the GENIUS Stablecoin Act, establishing the first regulatory framework for dollar-pegged stablecoins.