Senate Advances GENIUS Act Stablecoin Bill
The post Senate Advances GENIUS Act Stablecoin Bill appeared on BitcoinEthereumNews.com. Key Notes Democratic Senators who previously opposed the bill, including Mark Warner, Adam Schiff, and Ruben Gallego, have shifted their stance to support it. The GENIUS Act outlines strict AML/KYC protocols, mandates 1:1 reserves backed by USD. Following the Senate’s debate and vote, the GENIUS Act will move to the House of Representatives. On May 19, the US Senate managed to successfully move ahead with the stablecoin bill, or the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS ACT), with a 62-32 procedural vote. The long-awaited crypto regulation on stablecoin seems to be moving ahead to the Senate floor. The Democratic Senators, who tried to block the bill last week, also voted in favour of the GENIUS Act. Mark Warner, Adam Schiff and Ruben Gallego have changed their vote in favour of the stablecoin bill. The Senate will now debate and vote on advancing the bill to the House. With only a simple majority needed, supporters remain optimistic about its approval. Last week, Wyoming Senator Cynthia Lummis, who’s backed the bill from the very beginning, stated that she expects the bill to be passed by the US Memorial Day on May 26. Earlier this month, several Democratic Senators decided to withdraw support for the bill while blocking a motion to move it forward. They cited reasons like the bill’s Anti-Money Laundering provisions, as well as potential conflicts of interest arising from the association of Trump crypto ventures. Senator Mark Warner shared similar concerns even yesterday. However, he stated that the United States cannot “afford to keep standing on the sidelines” while the crypto industry continues to make significant progress. Warner noted: “We cannot allow that corruption to blind us to the broader reality: blockchain technology is here to stay. If American lawmakers don’t shape it, others will —…
The post Senate Advances GENIUS Act Stablecoin Bill appeared on BitcoinEthereumNews.com.
Key Notes Democratic Senators who previously opposed the bill, including Mark Warner, Adam Schiff, and Ruben Gallego, have shifted their stance to support it. The GENIUS Act outlines strict AML/KYC protocols, mandates 1:1 reserves backed by USD. Following the Senate’s debate and vote, the GENIUS Act will move to the House of Representatives. On May 19, the US Senate managed to successfully move ahead with the stablecoin bill, or the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS ACT), with a 62-32 procedural vote. The long-awaited crypto regulation on stablecoin seems to be moving ahead to the Senate floor. The Democratic Senators, who tried to block the bill last week, also voted in favour of the GENIUS Act. Mark Warner, Adam Schiff and Ruben Gallego have changed their vote in favour of the stablecoin bill. The Senate will now debate and vote on advancing the bill to the House. With only a simple majority needed, supporters remain optimistic about its approval. Last week, Wyoming Senator Cynthia Lummis, who’s backed the bill from the very beginning, stated that she expects the bill to be passed by the US Memorial Day on May 26. Earlier this month, several Democratic Senators decided to withdraw support for the bill while blocking a motion to move it forward. They cited reasons like the bill’s Anti-Money Laundering provisions, as well as potential conflicts of interest arising from the association of Trump crypto ventures. Senator Mark Warner shared similar concerns even yesterday. However, he stated that the United States cannot “afford to keep standing on the sidelines” while the crypto industry continues to make significant progress. Warner noted: “We cannot allow that corruption to blind us to the broader reality: blockchain technology is here to stay. If American lawmakers don’t shape it, others will —…
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