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US Senators Make Bipartisan Push to Revive Stablecoin Legislation
US Senators Make Bipartisan Push to Revive Stablecoin Legislation
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US senators are mounting a bipartisan effort to resurrect the stalled GENIUS Act, a crypto industry-backed stablecoin bill that failed to secure Senate Democrats’ support last week. The legislation, sponsored by Republican Senator Bill Hagerty, aims to create a Federal Reserve-regulated framework for stablecoins while fostering innovation.
The renewed push comes as lawmakers recognize stablecoins’ growing role in digital asset markets. Senators Tim Scott, Cynthia Lummis, and Kirsten Gillibrand are among the key supporters advocating for clearer regulatory guidelines. The proposed framework seeks to balance financial stability with technological advancement in the rapidly evolving crypto sector.
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