The stablecoin bill passed a key procedural vote, finally, but it was a heavy lift engineered in the 11th hour Monday night by the bill’s sponsor, Tennessee GOP Sen. Bill Hagerty. He had to remind crypto-friendly Democrats what was at stake – and to ignore the politicization of the legislation by the crypto-hating Massachusetts Sen.

The Senate voted 66–22 to advance the GENIUS Act, showing strong support from both Democrats and Republicans and signaling that the U.S. government is finally ready to take crypto regulation seriously. The Act still raises concerns about whether it goes too far or not far enough in protecting consumers and whether it will hurt innovation.

The U.S. Senate is moving ahead with regulating the new stablecoin industry with the progress of the GENIUS Act.

The Genius Act broke through opposition from Democrats in the Senate on Monday evening, moving the key piece of stablecoin legislation forward.

The Senate voted 66-32 Monday evening to advance first-of-its-kind legislation to regulate “stablecoins,” a kind of cryptocurrency. Democrats had initially voted to block the bill earlier this month amid concerns over President Donald Trump’s cryptocurrency deals.

The U.S. Senate has passed the GENIUS Act, making regulated stablecoins a policy priority and hinting at fresh institutional crypto inflows.

Crypto companies mounted one of the biggest influence-purchasing campaigns in American history in 2024. This week, a handful of Senate Democrats helped them recoup some return on investment.

This has been a good week for America’s crypto interests. The Genius Act, which legitimates a kind of cryptocurrency called stablecoins, advanced in the Senate, and on Thursday, President Trump held a gala dinner for the top 220 holders of his $Trump memecoin.

The vote came just 11 days after Senate Democrats, in a rare outbreak of vertebrate-adjacent conduct, voted down a similar bill, citing its failure to rein in the sort of brazen corruption exemplified by Trump’s crypto banquet.

In a rare occurrence, which may only last for a week, Democrats in the Senate showed some spine and voted down an important procedural vote on the GENIUS Act, a bill that would establish a (very weak) regulatory framework for the use of stablecoins.

A Republican senator insisted that efforts to make the U.S. the "crypto capital of the world" have positive implications for all Americans.