Brian Armstrong’s Reaction After 16 Senators Support GENIUS Act in U.S. Vote

On May 20, crypto leaders quickly shared excitement after the GENIUS Act cleared the crucial voting procedure. Coinbase Co-founder and CEO Brian Armstrong called it “a huge win for crypto and the future of on-chain innovation in America.” Armstrong reacted to Faryar Shirzad, Coinbase’s Chief Policy Officer, “Thank you to all senators who voted for it.” His statements reflected the importance of the GENIUS Act in the stablecoin’s future. Many crypto industry experts see this move as a game-changer in the near future. 

Crypto Experts’ Reaction to Senate Support

Previously, Justin Sun Posted on X, “What a monumental day for the U.S. and the future of stablecoins.” Faryar Shirzad thanked 16 Senators who supported the Stablecoins GENIUS Bill. Some of them are Tim Scott, Bill Hagerty, Kirsten Gillibrand, Ruben Gallego, and Mark Warner. Industrial experts emphasized the bipartisan nature of the bill’s progress. Hence, crypto is gaining momentum. Experts are thanking the senators for their huge support for the stablecoin bill into law.  

Senate Advances GENIUS Act With Bipartisan Support

In a landmark development for the digital economy, the U.S. Senate has advanced the GENIUS Act, a bill designed to regulate stablecoins. The procedural vote was approved 66-32, on the way to establishing a legal framework. Hence, this provides U.S. dollar support to digital tokens. The bipartisan breakthrough came two weeks after the bill was first blocked. Remarkably, 16 Senate Democrats crossed party lines and supported the measure, joining with most Republicans.

The GENIUS Act is designed to fortify the future of stablecoins and make the U.S. the front-runner in digital asset creation. The bill needed at least 60 votes to pass, and it easily did that. Final passage won’t happen before the Memorial Day recess, though. Senate Majority Leader John Thune voiced frustration over the previous delay. He said, “It’s really hard to understand why we needed to wait an additional 11 days.” 

GENIUS Act Could Shape Global Digital Asset Innovation

The GENIUS Act is being hailed as a foundational move to boost the U.S.’s role in digital asset innovation. If enacted, it would introduce federal standards for stablecoin issuers. These tokens, often pegged to the U.S. dollar, are seen as critical to modernizing payment systems. Bo Hines, a supporter of the bill, highlighted its long-term impact. He said, “The bipartisan cloture vote is a major step toward securing the future of American finance.” Hines added that the legislation would “strengthen dollar dominance, upgrade our payment rails, and position the United States to lead the globe in digital asset innovation.” Supporters believe the bill will help create a trusted and secure stablecoin market, giving confidence to investors and regulators. As digital payments grow, the GENIUS Act seeks to ensure America is not left behind in this fast-moving sector.

More Steps Ahead Before Full Passage

Despite the strong support, the GENIUS Act still has a way to go before becoming law. The Senate must pass the final version of the bill, after which it will move to the House. Lawmakers will also need to address concerns related to national security and money laundering. Previously, the bill was halted when every Senate Democrat joined by two Republican senators.

Rand Paul and Josh Hawley blocked it. They had demanded stricter provisions, though no changes have since been made. On Monday, only two Republicans, Rand Paul and Jerry Moran, voted against the bill. Although this procedural success is significant, crypto advocates know that more negotiations lie ahead. For now, the digital asset industry is celebrating a pivotal moment. As Faryar Shirzad put it, “Many steps to go, but a historic early win.” The GENIUS Act’s progress signals growing momentum for stablecoin regulation and a clearer future for the digital financial ecosystem in America.