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Senate Expedites Vote on Landmark Stablecoin Regulation
Senate Expedites Vote on Landmark Stablecoin Regulation
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Senate Majority Leader John Thune has fast-tracked the GENIUS Act, marking Washington’s first serious attempt to regulate dollar-pegged stablecoins. The bill, backed by Republican senators including crypto advocate Cynthia Lummis, proposes a framework diverging from the House’s STABLE Act in its treatment of reserve assets.
Banking lobbyists are mounting opposition, arguing the legislation could destabilize traditional finance. Meanwhile, the crypto industry sees this as a pivotal moment—a chance to legitimize stablecoins while maintaining their utility as dollar proxies in decentralized finance.
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