U.S. Senate to Vote on GENIUS Act for Stablecoin Regulation Monday Night with Bipartisan Support
The post U.S. Senate to Vote on GENIUS Act for Stablecoin Regulation Monday Night with Bipartisan Support appeared on BitcoinEthereumNews.com. The U.S. Senate is set to vote on the GENIUS Act, a piece of legislation aimed at regulating stablecoins, as early as Monday night. The bill, introduced by Senator Bill Hagerty with bipartisan support, seeks to establish a federal framework for stablecoins, cryptocurrencies pegged to assets like the U.S. dollar. After a previous attempt to advance the bill failed, the Senate has revised the text, and momentum is building for its passage. Senator Mark Warner, who initially opposed the bill, now plans to support the revised version and is encouraging his Democratic colleagues to do the same. Senators Kirsten Gillibrand and Cynthia Lummis have been actively involved in the bill’s development, with a goal to pass it before Memorial Day. The updated bill includes provisions to ban non-financial public companies such as Meta, Amazon, and Google from issuing stablecoins, aiming to curb their influence in the digital currency space. However, concerns remain among some senators, including Elizabeth Warren, who criticized the bill for potentially benefiting President Donald Trump’s family financially. The legislation is seen as a generational safeguard for U.S. consumers, economic competitiveness, and national security, and is expected to shape the future of consumer finance in the U.S. This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz. Source: https://thedefiant.io/news/regulation/u-s-senate-to-vote-on-genius-act-stablecoin-regulation-monday-night-bipartisan-7268b716
The post U.S. Senate to Vote on GENIUS Act for Stablecoin Regulation Monday Night with Bipartisan Support appeared on BitcoinEthereumNews.com.
The U.S. Senate is set to vote on the GENIUS Act, a piece of legislation aimed at regulating stablecoins, as early as Monday night. The bill, introduced by Senator Bill Hagerty with bipartisan support, seeks to establish a federal framework for stablecoins, cryptocurrencies pegged to assets like the U.S. dollar. After a previous attempt to advance the bill failed, the Senate has revised the text, and momentum is building for its passage. Senator Mark Warner, who initially opposed the bill, now plans to support the revised version and is encouraging his Democratic colleagues to do the same. Senators Kirsten Gillibrand and Cynthia Lummis have been actively involved in the bill’s development, with a goal to pass it before Memorial Day. The updated bill includes provisions to ban non-financial public companies such as Meta, Amazon, and Google from issuing stablecoins, aiming to curb their influence in the digital currency space. However, concerns remain among some senators, including Elizabeth Warren, who criticized the bill for potentially benefiting President Donald Trump’s family financially. The legislation is seen as a generational safeguard for U.S. consumers, economic competitiveness, and national security, and is expected to shape the future of consumer finance in the U.S. This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz. Source: https://thedefiant.io/news/regulation/u-s-senate-to-vote-on-genius-act-stablecoin-regulation-monday-night-bipartisan-7268b716
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