U.S. Senate Stablecoin Bill Nears Final Debate Amid Lobbyist Pressure

The U.S. Senate is in the final stages of debating the stablecoin bill known as the GENIUS Act, which aims to regulate stablecoin issuers like Tether's USDT and Circle's USDC. Key points include:

The bill has cleared the Senate Banking Committee and received bipartisan support.
Lobbyists urge senators to focus on stablecoin oversight amid competing legislative interests.
Senate Majority Leader John Thune opened the floor for amendments, with over 50 proposed.
Analysts estimate a 60-65% chance of the bill becoming law this year, while additional amendments, such as the Credit Card Competition Act, face lower approval odds.
If passed, it would be the first major crypto legislation to clear the Senate.

Further approval is required from the House of Representatives, where alternative proposals may arise.