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U.S. Senate Prepares Landmark Vote on Stablecoin Legislation
U.S. Senate Prepares Landmark Vote on Stablecoin Legislation
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The U.S. Senate is set to vote Thursday on the GENIUS Act, a historic bill establishing federal oversight for dollar-pegged stablecoins. Republican sponsors, including Sens. Bill Hagerty and Cynthia Lummis, are navigating intra-party reservations while courting Democratic support to clear the 60-vote threshold for cloture.
This marks the first congressional attempt to regulate stablecoins, a $160B cornerstone of crypto markets. Passage could legitimize the asset class while imposing reserve and transparency requirements—potentially reshaping trading dynamics across exchanges like Binance and Coinbase.
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