Democrats shift stance on GENIUS Act
The Senate has advanced the GENIUS Act after reaching a bipartisan deal on new stablecoin rules.
Senators voted 66-32 to advance the GENIUS Act, a bill aimed at regulating stablecoins. Sixteen Democrats joined Republicans in backing the measure, reversing a previous block.
The legislation introduces the first formal rules for stablecoin issuers, a move seen as vital for consumer protection and financial clarity.
Bipartisan negotiations helped push the bill forward. A new amendment addresses key Democratic concerns, including tougher consumer safeguards and limits on stablecoin issuance by tech firms.
It also extends ethics rules to figures like Elon Musk and David Sacks, at least temporarily. Despite the uncertainty over whether the amendment will pass, Democrats agreed to support the bill either way.
The Senate had stalled the proposal two weeks earlier over demands for stronger national security provisions. While Republicans have yet to back the amendment, more Democrats are now expected to vote for the bill.
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