The U.S. Senate passes the GENIUS Stablecoin Act with a vote of 68 to 30

The U.S. Senate passed the National Innovation Guidance for American Stablecoins (GENIUS) Act by a vote of 68-30, moving the bill one step closer to becoming law.
On the 17th (local time), the U.S. Senate passed an amendment to the GENIUS bill introduced by Republican Senator Bill Hagerty of Tennessee about six weeks ago.
The House of Representatives will next debate a companion bill, the STABLE Act, which may introduce additional amendments during that process.
"Through this bill, the United States is one step closer to becoming a global leader in cryptocurrency," Senator Hagerty said in a Senate speech. "Once the GENIUS Act becomes law,
"This will enable businesses of all sizes and Americans to process payments almost instantly, instead of waiting days."
This bill was once closed in the Senate in May due to opposition from the Democratic Party.
At the time, the Democratic Party was arguing that President Donald Trump was a big player in the cryptocurrency industry, especially World Liberty Finance.
The company issued the US dollar-based stablecoin "USD1" in March of this year.
The Trump family is said to hold a significant stake in the company. Republicans hold a slim majority in the House of Representatives, but it remains to be seen whether the bill will pass with majority support.
It remains unclear whether the move will be implemented. David Sachs, President Trump's advisor for artificial intelligence and cryptocurrency policy,
Sacks, who was the president of the U.S. Senate, said in a statement last May that he would be adding support for the bill, which was passed by the Republican-controlled Congress.
He has made it clear that he intends to express his intentions.