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U.S. Senate Advances GENIUS Act to Regulate $250B Stablecoin Market
U.S. Senate Advances GENIUS Act to Regulate $250B Stablecoin Market
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The U.S. Senate has taken a significant step toward regulating the $250 billion stablecoin market, advancing the GENIUS Act with a 66-32 procedural vote. Initial resistance from Democratic lawmakers, citing conflicts tied to former President Donald Trump’s crypto activities, was overcome as Senators Mark Warner, Ruben Gallego, and Adam Schiff reversed their positions to support the bill.
The May 19 vote followed a failed cloture motion on May 8, where Democratic opposition stalled progress. The GENIUS Act now moves to floor debate, marking a pivotal moment for stablecoin oversight amid growing institutional interest in digital assets.
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U.S. Senate Advances GENIUS Act with Bipartisan Support to Regulate Stablecoins
