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Senate Advances Crypto Bill with Stablecoin Rules, Exempts Trump-Linked USD1
Senate Advances Crypto Bill with Stablecoin Rules, Exempts Trump-Linked USD1
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The U.S. Senate has moved forward with the GENIUS Act, a landmark crypto bill that mandates 1:1 U.S. dollar backing for all stablecoins and enforces strict KYC and AML policies. With bipartisan support from 67 senators, the bill now heads to the House for revisions, where broader financial sector implications are expected.
Notably absent from regulation is USD1, a stablecoin tied to former President Donald Trump’s decentralized finance project. This exemption has drawn criticism from Democrats, who warn of potential conflicts of interest as Trump’s influence in digital finance grows. Senator Angela Alsobrooks highlighted the bill’s bipartisan nature but flagged unresolved gaps in oversight.
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