Stablecoin, Crypto and Senate
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The passage of a U.S. stablecoin bill could be one of the most important regulatory developments in the history of crypto, the report said.
The U.S. Senate has moved forward with the GENIUS Act — a bill designed to regulate stablecoins — following a key vote on May 19 that passed 66-32. The Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS) had previously been stalled due to opposition from Democratic lawmakers,
Stablecoin legislation advanced on the Senate floor Monday in an early win for the crypto industry, but the bill is expected to face a lengthy amendment process that will likely push a final vote
Sen. Warren, the ranking member of the Banking Committee, is on the opposing side of the so-called GENIUS Act.
The legislation to regulate stablecoin issuers hit a big bump a week ago, but negotiations continued and the latest version may move again.
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