The Senate voted in favor of advancing the GENIUS Act, also known as the stablecoin bill, Monday night, overcoming a key procedural hurdle and paving the way for the bill’s final passage.
What Happened: The Senate managed to exceed the three-fifths majority, or the 60-vote threshold, required to invoke cloture and end debate. This action is intended to usher the legislation into a period of extended debate prior to a series of final votes that will determine its passage out of the Senate.
Senator Bill Hagerty (R-Tenn.), the bill sponsor, deemed the development as “groundbreaking,” stating that it would ensure the U.S. …