The U.S. Senate advanced landmark stablecoin legislation, known as the GENIUS Act, with at least 60 Senators voting in favor. This vote followed an earlier attempt on May 8 that failed due to bipartisan concerns over consumer protection and national security. The current advancement removes a procedural barrier, paving the way for a final vote. Both the Senate and House aim to establish a regulatory framework for stablecoins in the U.S. Notably, after negotiations addressed some Democratic lawmakers' concerns, several who previously voted against advancing the bill changed their stance. The House is still working on its version of stablecoin legislation, reflecting the ongoing effort to regulate this aspect of the cryptocurrency market effectively.

Source đź”—