Posted on 06/13/2025 10:33:22 AM PDT by yelostar
The U.S. Congress is in the thick of its crypto efforts this week, with the Senate starting on final votes to approve its first-ever crypto bill.
The U.S. Senate has easily passed its first significant vote 68-30 toward final approval of the GENIUS Act to regulate U.S. stablecoin issuers.
The vote makes final passage of the bill a near certainty, marking the first major crypto bill to pass in the U.S. Senate, which had been the bottleneck for crypto efforts in past years.
The House of Representatives has also made significant strides in advancing a crypto market structure bill, with its effort clearing both necessary committees on Tuesday.
The U.S. Senate took the initial steps toward final approval of its first major crypto legislation as members opened voting Wednesday on the bill to set standards for U.S. stablecoin issuers, clearing the highest procedural hurdle with a 68-30 result.
(Excerpt) Read more at coindesk.com ...
In a moment that will mark the industry's greatest U.S. policy success to-date, the famously slow-moving Senate is on its way to clearing the legislation with wide bipartisan support. And as the crypto world watches the Senate reverse what had long been a crypto-resistant stance, the House of Representatives has also scored a pair of key votes to advance legislation even more vital to the industry: the Digital Asset Market Clarity Act that would establish a full set of rules managing U.S. oversight of the crypto markets.
In the Senate, the Guiding and Establishing National Innovation for U.S. Stablecoins of 2025 (GENIUS) Act is the much-revised bill that had already garnered bipartisan approvals in multiple procedural votes and is now on what's expected to be an inevitable path Wednesday. The Senate needed to clear the high bar of 60 votes to move to the final vote, which was easily obtained as many Democrats joined Republicans in pushing forward toward stablecoin regulation.
The bill would establish a system under which stablecoins can be issued in the U.S. under the watch of state or federal regulators, and leaving some avenues for non-financial corporations to launch their own coins (a point of criticism from Democrats). Regulating these assets is fundamental to the operations of the crypto markets, in which dollar-based tokens such as Circle's and Tether's are routinely used in transactions and contracts.
Greater detail on the bill in an article from February:
Why would I want this when I already can get the original bitcoin?
Regulating these assets is fundamental to the operations of the crypto markets, in which dollar-based tokens such as Circle's and Tether's are routinely used in transactions and contracts.
My first thought is that I was under the impression that the main attraction of crypto is that it's NOT regulated by lying, broke, corrupt government. Is this article now taking the position that govt intrusion into crypto would make crypto better?
Why? It’ll make sure it’s safe and carefully monitored by there United States government out of DC. I cannot imagine what you would want something private that they couldn’t be involved in. You must be some sort of militia “freedom” type…
Very suspicious…
Stable coin, safely pegged to the value of the US dollar. Say what you will, but DC has a wonderful sense of humor.
Hopefully Cynthia Lummis is in support of this
“greatest U.S. policy success to-date, the famously slow-moving Senate is on its way to clearing the legislation with wide bipartisan support. ”
The word bipartisan means some unusually large deception is being carried out.
George Carlin
After reading this piece I’m starting to feel like that frog in warm water on the stove, and eventually the feds are going to turn up the flame, when they tell me they now have control.
Your whole post is just so stupid and accusatory with nothing to back it up. Distrusting the government to have free reign of your finances is a normal smart prudent thing to do.
Or maybe you just want to send all your money to the government and let them do what they want with it.
That’s how I read it. I don’t want the government backed crypto for the very reasons you just stated.
Ok Cletus.... it’s called sarcasm. The idea that people would trust government to run a crypto coin is so absurd, that I thought nobody could mistake my comment as anything but sarcasm.
Well, it didn’t come across as sarcasm to me...and I am about as sarcastic person you will ever meet, probably too much so.
A lot of haters here on FR when you talk about crypto. It sounded like something they would say.
That’s already available. It’s called Tether. USDT on the ethereum or tron network.
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