Coinbase CEO: The "GENIUS Act" has passed its first procedural hurdle, marking an important milestone in the stablecoin legislative process

ChainCatcher news, Coinbase co-founder and CEO Brian Armstrong tweeted that the U.S. Senate's passage of the first procedural hurdle for the "GENIUS Act" is a "huge victory for cryptocurrency and the future of on-chain innovation in America." The bill received support from 16 Democratic senators and Republicans, marking an important milestone in the legislative process for stablecoins.

Armstrong specifically thanked all the senators who voted in favor of the bill. Coinbase Chief Policy Officer Faryar Shirzad also called it a "historic early victory," demonstrating that cryptocurrency has become one of the largest bipartisan issues in the United States.