Support from Both Sides of the Aisle
Eighteen Democrats backed the measure, while only two Republicans opposed it. The bill will now move to the House of Representatives for further consideration.
A central component of the GENIUS Act is the establishment of a federal regulatory framework for stablecoins. This area of the cryptocurrency sector has seen significant growth in recent years but has largely remained unregulated.
Concerns about Ethical Standards
Despite bipartisan support, some Democratic lawmakers have raised concerns regarding the bill’s ethical safeguards. Certain senators believe that without stronger ethics provisions, the legislation might enable misuse by public officials, a point of particular relevance given past controversies involving cryptocurrency and President Donald Trump.
Officials from the Democratic side argue that unless more stringent ethical standards are imposed, the bill could undermine accountability. One senator has warned that passing legislation that potentially exempts sitting presidents from oversight on digital asset systems might allow for misuse in personal or political gain.
Republican Defense of the Bill
Republican supporters of the bill maintain that it is designed to be neutral and not favor any specific individual or company. According to them, the primary goals are to create a clear path forward for U.S. digital payments infrastructure, protect consumers, and ensure the dollar’s dominance in global financial markets.
The initial push for the legislation was initially hampered by ethical concerns raised by Democrats, leading to several revisions and renewed negotiations that ultimately satisfied enough lawmakers to move the bill through the Senate.
