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GENIUS Act Vote on May 19: Will the U.S. Finally Regulate Stablecoins?
GENIUS Act Vote on May 19: Will the U.S. Finally Regulate Stablecoins?
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The U.S. Senate is set to vote on the GENIUS Act, a bipartisan bill co-sponsored by Senators Bill Hagerty and Kirsten Gillibrand, aiming to establish regulatory clarity for stablecoins. Despite previous setbacks, Hagerty remains optimistic about achieving a breakthrough.
Key revisions to the bill now include enhanced customer safeguards and clearer bankruptcy protections, addressing earlier concerns over weak AML measures and insufficient oversight of foreign-issued stablecoins. The outcome could significantly impact the stablecoin market and broader crypto regulation in the U.S.
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