U.S. Senate Advances Stablecoin Regulation Bill Amid Ongoing Negotiations
The U.S. Senate is progressing on the stablecoin regulatory bill, "Guiding and Establishing National Innovation for U.S. Stablecoins" (GENIUS) Act, after negotiations resumed following a previous setback due to objections from Democrats regarding President Trump's crypto interests. Key points include:
- A federal framework will be established for cryptocurrencies pegged to assets like Tether's USDT and Circle's USDC.
- The Senate failed to advance the bill into its final stage earlier, with all Democrats and two Republicans voting against it.
- Future procedural votes may allow more time for further negotiations rather than a cloture motion.
- Concerns remain about potential conflicts of interest related to Trump's involvement in crypto, but the new bill text likely won't address these directly.
- Senators Gillibrand and Lummis expressed optimism about a vote soon, emphasizing the importance of establishing a clear regulatory structure.
- Negotiations are ongoing, with updates expected shortly.