In this week's "Byte-Sized Insight," we analyzed key moments in U.S. crypto legislation in Cointelegraph's decentralized program.
In a procedural vote on May 19, the U.S. Senate advanced the GENIUS Act with a vote of 66-32, a landmark bill aimed at establishing a comprehensive regulatory framework for stablecoins. Meanwhile, on the other side of the Capitol, Congressman Tom Emmer reintroduced the Blockchain Regulatory Certainty Act with bipartisan support.
The GENIUS Act—officially titled the "Guidance and Establishment of the National Innovation for U.S. Stablecoins Act"—aims to address fundamental issues regarding the issuance and oversight of stablecoins.
"This bill defines the concept of payment stablecoins," said Rashan Colbert, U.S. Policy Director of the Crypto Innovation Council, in an exclusive interview this week. Colbert emphasized that the bill goes beyond mere conceptual definitions.
"It systematically outlines who is eligible to issue stablecoins and the conditions that must be met." He referred to guidelines regarding the qualifications of licensed issuers, such as bank subsidiaries, credit unions, and approved non-bank entities.
The bipartisan momentum supporting the GENIUS Act is both exciting and significant.
"There has always been a potential support base within Congress, including among the core group of Democrats," Colbert pointed out. "They just previously lacked the opportunity for substantive votes."
On the House side, the Blockchain Regulatory Certainty Act, co-sponsored by Representatives Emmer and Ritchie Torres, aims to provide legal clarity for developers and service providers who do not hold customer funds.
"The bill clearly states that they do not fall under the category of money transmitters," Colbert explained. "This is the legal certainty that these builders and entrepreneurs need to continue operating successfully."
As cryptocurrency adoption rises—especially in minority communities—Colbert noted that the pressure is increasing. "About one in five Americans own cryptocurrency. The percentage is even higher in Black, Latino, and Asian American communities," he pointed out.
Looking ahead, pushing for broader market structure reforms will face more challenges. What is Colbert's advice? Engage actively. "Ultimately, what really makes an impact is the public voicing their opinions," he stated. "Cryptocurrency is an important issue—and Capitol Hill is finally starting to listen."
Be sure to check out the full "Byte-Sized Insight" episode on the Cointelegraph podcast page, Apple Podcasts, or Spotify for uninterrupted in-depth interviews. We also sincerely invite you to explore other exciting program series launched on the Cointelegraph platform!
Related: Can ChatGPT-powered AI agents really trade cryptocurrency for you?
Original article: “Washington Moves on Crypto: Stablecoin and Blockchain Bills Signal Regulatory Momentum”
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