Cryptocurrency Tsar David Sacks: The passage of the "GENIUS Act" through procedural motion is a major victory for the cryptocurrency sector

ChainCatcher news, White House cryptocurrency and artificial intelligence director, crypto czar David Sacks commented on the Senate's procedural motion to pass the "GENIUS Stablecoin Act" today, stating, "This legislation creates a legal framework for stablecoins, which is a significant victory for the cryptocurrency space. The bill will now move to the full Senate voting stage. Thanks to Senator Bill Hagerty for leading the charge on this bill, successfully garnering over 60 votes in support of the 'GENIUS Act.'"

Previous news, the U.S. Senate voted to pass the "cloture motion" for the formal consideration of the "GENIUS Stablecoin Act," with at least 15 Democratic senators changing their stance to vote in favor, including Cortez Masto, Adam Schiff, Mark Warner, and others. The bill will now enter the comprehensive review process; it has only passed the "cloture motion," and the bill itself has not yet been approved. The "GENIUS Act" will next enter the debate and amendment phase in the Senate.