The stablecoin bill has passed its first procedural hurdle, which Coinbase CEO calls a major victory for "on chain innovation"

Coinbase CEO Brian Armstrong tweeted that the US Senate stablecoin bill GENIUS Act has successfully crossed the first procedural voting threshold, marking a "major victory for cryptocurrency and on chain innovation. The bill has received support from 16 Democratic lawmakers and has been passed in conjunction with the Republican Party. It will enter the stage of debate and revision, taking a crucial step towards final legislation. Previously, Coinbase executive Faryar Shirzad stated that the bill is demonstrating a bipartisan consensus trend on cryptocurrency issues in the US political arena.