The industry-backed Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act passed a cloture vote, with support from Sens. Kirsten Gillibrand (D-N.Y.), the original co-sponsor of the bill, Angela Alsobrooks (D-Md.), Ruben Gallego (D-Ariz.), Mark Warner (D-Va.), Lisa Blunt Rochester (D-Del.), Catherine Cortez Masto (D-Nev.), Ben Ray Luján (N.M.), Adam Schiff (D-Calif.), Cory Booker (D-N.J.), Elissa Slotkin (D-Mich.), John Fetterman (D-Pa.), Maggie Hassan (D-N.H.), Martin Heinrich (D-N.M.), Jon Ossoff (D-Ga.), Alex Padilla (D-Calif.), and Jacky Rosen (D-Nev.). The bill is now teed up for Senate debate.
https://www.commondreams.org/news/senate-democrats-genius-bill-advance
Here is an article behind some of the thinking from both sides on the Democratic side.
But other Democrats see this is a rare chance for Congress to get ahead of an issue, arguing they can’t afford to wait until they win back power in Washington to act — especially with how quickly technology moves.
“I think every politician will say this. It’s the same thing about any industry that they don’t like or understand,” Sen. Ruben Gallego, D-Ariz., who supports the GENIUS Act, told NBC news in an interview.
Democrats clash over crypto behind closed doors
The GENIUS Act now heads to the House, where the Democratic divide over cryptocurrency — which can often fall along generational lines — came to a head during a private meeting last week attended by House Minority Leader Hakeem Jeffries, D-N.Y., other Democratic leaders and committee ranking members, according to three sources who were in the room and a fourth source who was briefed on the meeting.
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https://www.nbcnews.com/politics/congress/democratic-divisions-emerge-congress-tackles-crypto-regulation-rcna212886
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