Senate Nears Key Vote on Stablecoin Regulation Bill

The U.S. Senate is preparing for a critical vote to advance the GENIUS Act, landmark legislation aimed at establishing national regulations for stablecoins. The bill, which stalled earlier due to lack of Democratic support, has gained renewed backing from key Democrats like Sen. Mark Warner, who acknowledges the need for safe and transparent blockchain regulation despite concerns over President Trump's ties to crypto. The revised bill includes provisions requiring stablecoin issuers to hold full reserve backing in safe assets and comply with anti-money laundering laws, while limiting Big Tech companies from issuing stablecoins without special approval. However, some progressives, including Sen. Elizabeth Warren, remain critical of the bill, citing ongoing risks of crypto corruption linked to the Trump family’s involvement with World Liberty Financial. Republicans are working to secure bipartisan support to reach the 60-vote threshold needed to overcome the Democratic filibuster, with hopes to pass the bill soon to provide clearer guidelines for the $3.3 trillion crypto market. Industry advocates argue the legislation is essential for modernizing U.S. financial infrastructure, while opponents call for stronger safeguards and consumer protections.