David Sacks: The passage of the GENIUS Act through a procedural motion is a major victory for the Crypto Assets sector.

[David Sacks: The passage of the GENIUS Act through procedural motion is a significant victory for the Crypto Assets sector] The White House’s cryptocurrency and artificial intelligence director, crypto czar David Sacks, published a statement commenting on the Senate’s procedural motion to pass the GENIUS stablecoin act today, “This legislation creates a legal framework for stablecoins, which is a significant victory for the Crypto Assets sector. The bill will now move to the full Senate voting stage. Thanks to Senator Bill Hagerty, who led the push for this bill and successfully garnered over 60 votes in support of the GENIUS Act.” Previously reported, the U.S. Senate voted to pass the “cloture motion” to formally consider the “GENIUS stablecoin bill,” with at least 15 Democratic senators changing their stance to vote in favor, including Cortez Masto, Adam Schiff, and Mark Warner. The bill will now enter the full consideration process, having only passed the “cloture motion” so far, and the bill itself has not yet been passed. The “GENIUS bill” will next enter the debate and amendment phase in the Senate.