US Senate majority leader expects stablecoin vote before May 26 — Report
US Senate Majority Leader John Thune informed Republican lawmakers that the Senate will address stablecoin regulation before the May 26 Memorial Day holiday. The GENIUS Act, introduced by Senator Bill Hagerty, passed the Senate Banking Committee in March. The bill aims to restrict stablecoin issuance to "permitted payment stablecoin issuers" only. A companion bill, the STABLE Act, has been proposed in the House of Representatives. President Trump signed an executive order on January 23 to establish a working group for a national crypto stockpile and regulatory framework for stablecoins. Concerns have been raised regarding potential conflicts of interest due to Trump's ties to World Liberty Financial, a crypto firm launching a USD-pegged stablecoin. Democratic lawmakers argue this could pose risks to the financial system as Congress reviews the stablecoin legislation.
