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)
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
