U.S. Senate to Vote Soon on GENIUS Act for Stablecoin Regulation

The U.S. Senate is poised to vote on the GENIUS Act, which aims to regulate stablecoin issuers. This marks the first significant crypto legislation considered by the Senate.

Senate Majority Leader John Thune has initiated efforts to fast-track the bill.
The House of Representatives is expected to follow with its own voting soon.
The Senate Banking Committee approved the bill with bipartisan support (18-6).
The House Financial Services Committee advanced a similar bill in April.
Senator Bill Hagerty stated the act will promote digital asset innovation and ensure fair competition for foreign companies.
Bo Hines, involved with the Presidential Council of Advisers for Digital Assets, indicated that the bills in both chambers are 90% similar.
Hagerty plans to introduce an updated version of the bill shortly.