June 11 (UPI) -- The U.S. Senate overwhelmingly advanced legislation for a regulatory method for payment with stablecoins.
The cloture, which ended debate, was approved 68-30, including 18 Democrats. It clears the way for final approval for the Guiding and Establishing National Innovation for U.S. Stablecoins Act, or GENIUS. Two Republicans, Rand Paul of Kentucky and Josh Hawley of Missouri, voted no.
A stablecoin, which supporters say is a type of cryptocurrency designed to maintain a stable value, is typically pegged to another asset such as a currency such as a U.S. dollar or a commodity, including gold. Other digital cryptocurrencies, including Bitcoin, can experience significant price fluctuations and are not part of the Senate legislation.
For passage in the Senate, there needs to be at least 60 votes. On Tuesday, two House committees easily approved a bill that establishes a regulatory framework for digital assets, not just stablecoin, called the CLARITY Act.
"We want to bring cryptocurrency into the mainstream, and the GENIUS Act will help us do that," said Senate Majority Leader John Thune of South Dakota, adding there was "more work to be done" for Congress in regard to digital assets, referring to the House's bill.
