Senate passes cryptocurrency regulation bill
WASHINGTON (NBC, KYMA/KECY) - The Senate advanced a major cryptocurrency regulation bill Monday on a bipartisan vote.
This was a procedural vote on the Genius Act, establishing the first regulatory framework for issuers of stablecoins, which are digital tokens tied to flat currencies like the U.S. dollar.
The vote passed 66-32 with 16 Democrats crossing the aisle to support the bill. However, Two Republicans, Senators Rand Paul and Jerry Moran, voted no.
The Genius Act can now move to a final vote in the U.S. Senate.
The bill's text includes a provision which would "prohibit any member of Congress or senior Executive Branch official from issuing a payment stablecoin product during their time in public service."
