Senate Will Pass GENIUS Stablecoin Act Today: Senator Hagerty ...Middle East

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U.S. Senator Bill Hagerty expresses strong confidence in the final passage of the long-awaited stablecoin legislation, the GENIUS Act. In an interview with FOX Business, Senator Hagerty projects that the U.S. Senate will pass the GENIUS Act later today. Notably, the legislation has made significant progress since its introduction earlier this year. Despite opposition from crypto skeptics such as Senator Elizabeth Warren, the stablecoin legislation still cleared the complex Senate processes, including a cloture vote held last week. Final Passage Vote Imminent As a result, the Senate scheduled the GENIUS Act’s final passage vote for 4:30 p.m. (ET) today. This upcoming final passage vote will be the last Senate vote on the bill before it advances to the House for further scrutiny. Interestingly, Senator Hagerty, who introduced the legislation earlier this year, believes the Senate will pass the GENIUS Act. “I’m excited to see the GENIUS Act pass the Senate later today,” he remarked in an X post. twitter.com/SenatorHagerty/status/1934942333859979279 Benefits of the GENIUS Act During the FOX Business interview, Hagerty described the stablecoin regulation as a “strong bipartisan product,” underscoring the collaborative input across party lines. He noted that the GENIUS Act received input from his colleagues, officials from the Trump administration, and industry stakeholders, potentially paving the way for its passage. If passed, Senator Hagerty believes the legislation could propel the U.S. payment system into the 21st century and eliminate the 1970s- and 1980s-era rails. Additionally, he claims that the GENIUS Act will boost demands for the U.S. Treasury and strengthen the dollar's dominance as a reserve currency. "We're going to see that advance in a way that takes a lot of friction out of an old, clunky system. It will reduce counterparty and currency risks and bring a lot of working capital into the economy," he added. Furthermore, he also believes that the GENIUS Act will position the U.S. as the global leader in the stablecoin market. Hagerty Praises SEC Chair Meanwhile, Senator Hagerty also took a moment to commend U.S. SEC Chair Paul Atkins, calling him an ideal partner. According to him, the Senate will collaborate with the Atkins-led SEC to advance the broader crypto industry. Notably, Atkins has continued the pro-crypto initiative of former acting chair Mark Uyeda, which led to the resolution of several crypto-related enforcement actions. The SEC’s crypto policy shift is expected to drive industry innovation and establish U.S. dominance in the sector.

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Senate Will Pass GENIUS Stablecoin Act Today: Senator Hagerty ...Middle East

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