PANews reported on May 20 that Coinbase CEO Brian Armstrong tweeted that the US Senate's stablecoin bill GENIUS Act successfully crossed the first procedural voting threshold, which is a "major victory for cryptocurrency and on-chain innovation." The bill was supported by 16 Democratic members and passed jointly with the Republicans. It will enter the debate and amendment stage, taking a key step towards final legislation. Previously, Coinbase executive Faryar Shirzad said that the bill is showing the trend of bipartisan consensus on crypto issues in the US political circle.
The stablecoin bill passed the first procedural hurdle, and Coinbase CEO called it a major victory for "on-chain innovation"
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