U.S. Senate Advances GENIUS Act for Stablecoin Regulation
The U.S. Senate is nearing the passage of the GENIUS Act, a significant stablecoin bill led by Senator Cynthia Lummis (R-Wyo.).
- Recent Senate vote advanced the bill, surpassing the 60-vote threshold.
- A prior bipartisan attempt failed due to opposition from Senators Elizabeth Warren (D-Mass.), Josh Hawley (R-Mo.), and Rand Paul (R-Ky.).
- Lummis and co-sponsor Kirsten Gillibrand (D-NY) have been instrumental in negotiations.
- If passed, it would be the first legislation from the Senate Banking Committee in eight years.
- Senator Bill Hagerty (R-Tenn.) noted the bill's potential as the most bipartisan legislation in over a decade.
- Challenges in passing legislation were highlighted, with Lummis emphasizing the need for creativity and patience.
- Lummis expressed hope for collaboration with the House on future crypto market structure legislation.