WASHINGTON—The Senate on May 19 voted to advance a bill that would establish regulations for the cryptocurrency industry, several days after an initial vote failed because of Democratic opposition.
The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act is a bill that seeks to impose regulations on “stablecoins,” which are digital tokens whose value is pegged to another secure asset (e.g., U.S. Treasury bonds and other securities). Stablecoins are considered safer investments than other cryptocurrencies, such as Bitcoin, and are thus attractive to larger institutional investors such as pension funds, sovereign wealth funds, and wealthy family offices.
