The GENIUS Act, a major bill aimed at clarifying the stablecoin sector, has cleared its first major hurdle in the US Senate. After securing enough votes to trigger cloture, the bill is now set for debate on the Senate floor. This bipartisan vote, with 16 Democrats joining Republicans, demonstrates growing support for crypto legislation across party lines.
However, opposition remains. Notably, Massachusetts Senator Elizabeth Warren has opposed the bill and urged her Democratic colleagues to reject it. She argues that the bill lacks adequate consumer protections and poses risks to financial stability and national security. Warren maintains her position even though there have been changes to the bill’s draft.