US Senate to vote on GENIUS stablecoin bill despite political divide
The post US Senate to vote on GENIUS stablecoin bill despite political divide appeared on BitcoinEthereumNews.com. The US Senate is expected to vote on the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act today at approximately 8 P.M. EDT. However, its unclear whether the bill will pass or continue to face delays. The GENIUS Act seeks to establish a federal regulatory framework for payment stablecoins, but has faced hurdles in progress in recent weeks due to a divide among lawmakers. The debate came just over a week after a failed procedural vote, in which all 49 Democratic senators blocked a motion to invoke cloture on the bill’s consideration, halting its initial path to the floor. In subsequent days, reports of a bipartisan effort to re-adapt the bill for another vote surfaced, resulting in changes to the proposal initially denied. Democrats push back While supporters say the bill would bolster US dollar dominance and provide critical oversight to a $250 billion market, opponents argue the latest draft contains broad loopholes for political figures and tech companies while creating security risks and insufficient consumer protections. A May 19 memo by Senate Banking Committee Democratic staff accused the latest draft of enabling “Trump crypto corruption.” It references provisions that fail to bar elected officials, including President Donald Trump and his family, from owning or profiting from stablecoin ventures. The memo claimed that the bill’s current language could allow Trump to benefit from the USD1 stablecoin, the token issued by a project endorsed by him and his family, World Liberty Financial. The memo also warned of expanded loopholes for offshore issuers like Tether and private big tech firms. It noted that allowing the trading of stablecoins issued offshore on US-based exchanges could make it easier for criminals to move funds into the US financial system. The document also stated that the draft still allows companies not predominantly engaged in…
The post US Senate to vote on GENIUS stablecoin bill despite political divide appeared on BitcoinEthereumNews.com.
The US Senate is expected to vote on the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act today at approximately 8 P.M. EDT. However, its unclear whether the bill will pass or continue to face delays. The GENIUS Act seeks to establish a federal regulatory framework for payment stablecoins, but has faced hurdles in progress in recent weeks due to a divide among lawmakers. The debate came just over a week after a failed procedural vote, in which all 49 Democratic senators blocked a motion to invoke cloture on the bill’s consideration, halting its initial path to the floor. In subsequent days, reports of a bipartisan effort to re-adapt the bill for another vote surfaced, resulting in changes to the proposal initially denied. Democrats push back While supporters say the bill would bolster US dollar dominance and provide critical oversight to a $250 billion market, opponents argue the latest draft contains broad loopholes for political figures and tech companies while creating security risks and insufficient consumer protections. A May 19 memo by Senate Banking Committee Democratic staff accused the latest draft of enabling “Trump crypto corruption.” It references provisions that fail to bar elected officials, including President Donald Trump and his family, from owning or profiting from stablecoin ventures. The memo claimed that the bill’s current language could allow Trump to benefit from the USD1 stablecoin, the token issued by a project endorsed by him and his family, World Liberty Financial. The memo also warned of expanded loopholes for offshore issuers like Tether and private big tech firms. It noted that allowing the trading of stablecoins issued offshore on US-based exchanges could make it easier for criminals to move funds into the US financial system. The document also stated that the draft still allows companies not predominantly engaged in…
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