PANews reported on May 20 that Coinbase CEO Brian Armstrong tweeted that the US Senate's stablecoin bill GENIUS Act successfully crossed the first procedural voting threshold, which is a "major victory for cryptocurrency and on-chain innovation." The bill was supported by 16 Democratic members and passed jointly with the Republicans. It will enter the debate and amendment stage, taking a key step towards final legislation. Previously, Coinbase executive Faryar Shirzad said that the bill is showing the trend of bipartisan consensus on crypto issues in the US political circle.