The US Senate has moved the Genius Act one step closer to becoming the law, after a vote of 66-32 Cloture on 19 May.
The mood gives rare two -part support, with more than a dozen Democrats who join the Republicans to help the bill ahead after weeks of negotiation.
In particular, the approval sends the proposed stablecoin legislation to the house floor for further deliberation.
Genius Act
The Genius Act had initially fulfilled a stiff opposition, especially from democratic legislators, who criticize its provisions regarding limited consumer protection, lack of accountability for business expenditure and ethical exemptions for political figures such as Donald Trump.
This opposition resulted in a failed mood earlier this month.
However, closed conversations between leaders of the Senate and proponents of the crypto policy have contributed to the reform of the conversation.
The legislators of both parties made concessions to tackle consumer rights, transparency in political influence and ethical guardrails for technology companies.
These revisions satisfied a few previously undecided legislators, as a result of which the bill has cleared this latest procedural obstacle.
Yet not everyone is convinced. Senator Elizabeth Warren, a strong crypto critic, remains firmly behind.
The legislator warned that, despite his improvements, the bill still leaves considerable gaps that can expose consumers and national financial systems to risks.
She said:
“There is no excuse for the congress to accept a crypto bill that will accuse Trump’s corruption.”
Community celebrates the passage
Proponents of the Genius Act regard the approval of the Senate as a milestone moment for the digital assets sector.
Senator Bill Hagerty praised the potential of the account to strengthen the global status of the US dollar and at the same time stimulate the demand for American treasuries by more than $ 1 trillion.
He said:
“The Genius Act is shooting the United States with a digital payment framework with the fastest possible rails. It will take care of the US dollar dominance. Customers are protected, the demand for American treasuries will be balloon on a melody of more than $ 1 trillion, and innovation in the digital asset room will bloom in the United States in the United States.”
Bo Hines, executive director of the President’s Council of Digital Asset Advisors, repeated that sentiment and called the legislation a strategic upgrade to the American payment system. He added that it will help secure the leadership of the country in the digital economy.
In the meantime, Oracle Blockchain Network Chainlink emphasized the wider impact, which states that the Genius Act could offer regulatory certainty for fiat-supported Stablecoins and acceptance worldwide.
Likewise, the Cedar Innovation Foundation told CryptoSlate The approval of legislation reflects the support of voters for extensive rules for digital assets and prepares the congress to promote broader market structure reforms.