Senate passes GENIUS Act despite crypto corruption concerns

The Senate passed legislation to establish the first regulatory framework for stablecoins, capping prolonged, topsy-turvy bipartisan negotiations.Why it matters: The GENIUS Act, which was nearly derailed when Democrats had an internal blowup about President Trump's growing cryptocurrency empire, represents one of the rare instances of bipartisan compromise this Congress. The Senate voted 68-30 to pass the bill Tuesday, with two Republicans voting no.A small group of Senate Republicans and Democrats negotiated changes to the legislation over the last month. But those adjustments didn't include language aimed at preventing corruption by Trump and other public officials.Progressives like Sen. Elizabeth Warren (D-Mass.), who was the bill's most prominent critic, demanded that Democrats oppose the legislation.The big picture: The GENIUS Act saga underlines how difficult it will be for Congress to regulate the growing cryptocurrency sector in the coming years.The stablecoin bill was just an opening salvo in larger a more complex battle that will present lawmakers with thornier questions like market structure.Passage is also a win for Democrats like Sen. Kirsten Gillibrand (D-N.Y.), who helped author the bill and advocated for its passage despite concerns from the party's left.Go deeper: Latest Senate stablecoin bill addresses foreign issuers, national security safeguards

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