Thune Signals GOP Willing to Compromise on Stablecoin Bill as Senate Vote Nears
Senate Majority Leader John Thune (R-SD) stated that Republicans must adopt a more collaborative approach with Democrats to advance the GENIUS Act, aimed at establishing a federal regulatory framework for dollar-pegged digital assets. A full Senate vote is anticipated before the August recess, but partisan tensions are escalating. Thune indicated openness to changes on the floor, awaiting Democratic requests. Plans for a quick vote were disrupted after nine Senate Democrats, including four who previously supported the bill, issued a statement demanding stronger provisions on anti-money laundering, national security, and accountability. The Republican caucus, holding 53 seats, requires at least seven Democratic votes for passage. The GENIUS Act would permit nonbank stablecoin issuers to operate in the U.S., ensuring consumer protections. Stablecoins are digital currencies pegged to stable assets like the U.S. dollar, providing predictability for transactions. The bill aims to fill a regulatory gap as stablecoins' market capitalization exceeds $240 billion.
