The Senate passed a first-of-its-kind cryptocurrency bill Tuesday as a bloc of industry-friendly Democrats bucked their party to overcome weeks of legislative gridlock.
The GENIUS Act, which creates a regulatory framework for stablecoins, a digital asset pegged to the dollar, earned the support of 18 Democrats and nearly all Republicans in a 68-30 vote. This brings cryptocurrency one step closer to the financial system’s mainstream.
Just two Republicans, Sens. Rand Paul (R-KY) and Josh Hawley (R-MO), voted against the bill.
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For weeks, the legislation seemed on a glide path to passage after advancing out of the Senate Banking Committee in March, but a delicate bipartisan coalition nearly fell apart as Democrats made a series of surprise demands at the beginning of May.
What followed were weeks
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