- The U.S. Senate advanced the GENIUS Act, a major stablecoin regulation bill, in a 66–32 procedural vote.
- The GENIUS Act aims to set clear rules for issuing and overseeing stablecoins.
- Bipartisan support is present for both the GENIUS Act and the Blockchain Regulatory Certainty Act in Congress.
- The Blockchain Regulatory Certainty Act, reintroduced in the House, seeks to clarify the legal responsibilities of blockchain developers and service providers who do not hold customer funds.
- Lawmakers note rising crypto adoption, especially among minority communities, and say Congress is responding to this trend.
On May 19, the U.S. Senate moved the GENIUS Act forward in a 66–32 procedural vote. This bill is designed to create a national framework for regulating stablecoins, which are cryptocurrencies tied to traditional assets like the U.S. dollar.
Across the Capitol, Representative Tom Emmer put the Blockchain Regulatory Certainty Act back on the table, with support from both major parties. This legislative effort focuses on providing legal clarity for blockchain creators and businesses that do not manage or keep control of users’ funds.
According to Rashan Colbert, director of U.S. policy at the Crypto Council for Innovation, the GENIUS Act gives a definition for “payment stablecoins” and outlines who can offer them. “It outlines in a robust way just who’s allowed to do this and what they need to look like,” Colbert said, referring to requirements set for issuers such as bank affiliates, credit unions, and certain approved non-bank companies.
Colbert noted that congressional support for the GENIUS Act is significant and bipartisan. “There has been latent support within Congress, including within the Democratic caucus,” Colbert stated. “They just haven’t had the opportunity to take meaningful votes.”
On the House side, the Blockchain Regulatory Certainty Act, backed by Representatives Emmer and Ritchie Torres, aims to make it clear that developers and businesses not holding customer funds should not be classified as money transmitters. “That’s the clarity these builders and entrepreneurs need to continue operating successfully,” Colbert explained.
Rising cryptocurrency adoption in the U.S. is driving these legislative discussions. Colbert highlighted that about one in five Americans own crypto, with even higher adoption among Black, Latino, and Asian-American groups.
For more details, the full interview is available on the Apple.com/us/podcast/decentralize-with-cointelegraph/id1667543601″>Apple Podcasts and Spotify platforms.
Related reporting can be found in the Cointelegraph Magazine article, Legal Panel: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight.
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