The post The Senate Moves Forward with GENIUS Stablecoin Act – Coincu appeared on BitcoinEthereumNews.com.

Key Points: Bipartisan interest in stablecoin regulation increases. The GENIUS Act defines stablecoin issuer regulations. Potential global impact on cryptocurrency regulation. Senate Advances GENIUS Stablecoin Act The U.S. Senate has voted to proceed with the GENIUS Stablecoin Act, marking critical progress in the legislative process. The bill’s advancement signifies increased bipartisan interest in establishing a robust stablecoin framework, potentially impacting U.S. Treasury operations. Senate’s Bipartisan Support for GENIUS Act: Impact on Stablecoin Regulation The GENIUS Act aims to create a clear regulatory framework for payment stablecoins in the United States. Initially introduced on May 1, 2025, the Act seeks to regulate stablecoin issuers by defining permitted issuers and specifying reserve requirements. The bill passed a cloture vote of 66-32 on May 19, 2025, enabling it to proceed for a full Senate debate and potential amendments. The shift in support, with Democratic senators such as Adam Schiff and Mark Warner now backing the bill, reflects altered political dynamics. The passage of the cloture motion represents a significant development towards potential regulatory stability in cryptocurrency markets. Key elements include defining permitted issuers, requiring a one-to-one reserve backing, and excluding these stablecoins from being classified as securities. The regulatory landscape may shift as the Senate debates and amends the bill, potentially influencing stablecoin issuers’ operational structures. Reactions within the Senate have been varied. Tim Scott, Chairman of the Senate Banking Committee, affirmed the relevance of the bill for America’s digital asset leadership. However, opposition exists, with Senator Elizabeth Warren advocating against it. David Sacks, the White House Cryptocurrency and AI Czar, emphasized the bill’s importance, stating it could unlock trillions for the U.S. Treasury. “Tonight’s vote is a welcome and long-overdue step toward asserting U.S. leadership in digital assets. After playing politics, I’m glad many of my Democratic colleagues have returned to the…

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Filed under: News - @ May 22, 2025 3:28 am