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US Senate Advances Stablecoin Regulation Bill in Key Procedural Vote
US Senate Advances Stablecoin Regulation Bill in Key Procedural Vote
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The Republican-sponsored GENIUS Act, establishing federal oversight for stablecoins, cleared a critical Senate hurdle with a 66-32 cloture vote. This marks a reversal from the bill’s previous 48-49 defeat earlier this month.
Negotiated revisions now mandate unanimous approval by a Stablecoin Certification Review Committee for foreign issuers not primarily engaged in financial services. The updated draft also strengthens data-sharing provisions, signaling lawmakers’ focus on cross-border compliance and transparency.
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U.S. Senate Advances GENIUS Act with Bipartisan Support, Paving Way for Stablecoin Debate
