David Sacks: The passing of the GENIUS Act is a major victory for the cryptocurrency sector

Crypto Czar David Sacks, head of cryptocurrency and artificial intelligence at the White House, commented on the Senate procedural motion of the GENIUS stablecoin bill today, "This legislation creates a legal framework for stablecoins, which is a major victory for the cryptocurrency space. The bill will now go to the full Senate voting stage. Thanks to Senator Bill Hagerty, who led the push for the bill, who successfully won over 60 votes for the GENIUS bill."
Previously, it was reported that the US Senate voted to pass the "cloture motion" for the formal consideration of the GENIUS Stablecoin Act. At least 15 Democratic lawmakers changed their positions and voted in favor, including Cortez Masto, Adam Schiff, Mark Warner, and others. The bill will now enter the full deliberation process. So far, only the "cloture motion" has been passed, and the bill itself has not yet passed. The GENIUS bill will next enter the debate and amendment process in the Senate.