US Senate moves forward with GENIUS stablecoin bill
Summary
The US Senate advanced the GENIUS Act, a stablecoin-regulating bill, with a 66-32 vote. The bill, introduced by Senator Bill Hagerty, aims to regulate the $250 billion stablecoin market, requiring full backing, regular audits, and regulatory approval for stablecoins. Only licensed entities can issue stablecoins, and algorithmic stablecoins face restrictions. Initially blocked by Democrats over concerns about Trump's crypto interests and anti-money laundering issues, the bill was revised to gain bipartisan support. Republican Senator Cynthia Lummis aims for the bill's passage by May 26.
