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

According to BlockBeats, on May 20th, David Sacks, the White House head of cryptocurrency and artificial intelligence and the "crypto czar," commented on the passage of the GENIUS stablecoin bill through a procedural motion in the Senate, stating that "this legislation creates a legal framework for stablecoins, which is a major victory in the cryptocurrency field. The bill will now enter the full Senate voting stage. Thanks to Senator Bill Hagerty, who led the push for the bill and successfully won over 60 votes in support of the GENIUS bill. BlockBeats previously reported that the US Senate has voted to pass a "closure motion" to formally review the GENIUS stablecoin bill, with at least 15 Democratic lawmakers changing their stance and voting in favor, including Cortez Masto, Adam Schiff, Mark Warner, and others. The bill will now enter the comprehensive review process, and only the motion to terminate the debate has been passed. The bill itself has not yet been passed. The GENIUS Act will now enter the debate and amendment stage in the Senate.