Senate Passes GENIUS Act to Regulate Stablecoins
Reading
The Senate has voted on a new law about cryptocurrency. This law will control stablecoins, a type of digital money. People in the crypto industry hope for more laws like this one soon.
The new law passed with many votes, 68 to 30. It will now go to the House of Representatives. The crypto industry spent a lot of money on politics in 2024.
Many Democratic senators voted for the new law. They agreed with the Republican senators. Only two Republican senators, Josh Hawley and Rand Paul, voted against it.
This bill is called the GENIUS Act. It will protect people who use stablecoins. Stablecoins are usually linked to the value of the U.S. dollar.
Some Democrats are not happy with the bill. They are worried about Donald Trump's money in crypto. Trump's family has a business that uses stablecoins.
Questions
What type of digital money does the new law control?
The new law controls stablecoins.
How many votes did the new law get in the Senate?
The new law passed with 68 votes to 30.
What is the name of the bill that protects people using stablecoins?
The bill is called the GENIUS Act.
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