Senate Nears Deal on Stablecoin Bill as Lawmakers Race Against the Clock
A group of Senate Democrats, including Ruben Gallego, Mark Warner, and Angela Alsobrooks, is negotiating with Republicans to support the GENIUS Act, which aims to establish a stablecoin framework in the U.S. This follows their withdrawal of support due to dissatisfaction with the bill's latest draft and concerns over President Trump's crypto-related conflicts of interest. Senate Republicans, led by John Thune, are pushing for a cloture vote on the bill, emphasizing that failure to secure Democratic support could label crypto legislation as a Republican issue. Stablecoins are crucial for the crypto economy, and their regulation is seen as a pathway for Wall Street investment. A recent meeting between Democrats and Republicans reportedly made progress, but uncertainty remains about finalizing the bill language before the vote. Democrats seek improvements related to anti-money laundering and national security, while the outcome of the vote could impact future bipartisan strategies in crypto legislation.
