Breaking: Major Stablecoin Bill Achieves Bipartisan Breakthrough

Republican and Democratic senators have reportedly reached an agreement on the GENIUS Act, which would create a clear regulatory framework for stablecoins

The actual text of the bill that has secured bipartisan support is not yet public

Senate Democrats have requested more time in order to be able to brief their caucus about the bill

The Republicans are intending to push a full Senate vote as early as this week amid growing momentum

As reported by U.Today, several pro-crypto Democratic senators soured on the bill last year, jeopardizing its passing. It was reported that Senate Minority Leader Chuck Schumer was particularly concerned about stablecoin giant Tether

Massachusetts Senator Elizabeth Warren publicly spoke out against the bill, drawing criticism from the crypto community

On Tuesday, Politico reported that Kentucky Senator Rand Paul was also leaning against passing the bill, breaking with other Republicans. Paul argued that crypto was doing "okay" without federal regulation

Now, however, there seems to be some sort of a breakthrough

As reported by U.Today, Senate Majority Leader John Thune wants to hold a vote before Memorial Day (May 26)