Senate Majority Leader John Thune (R-SD) is moving to fast-track the GENIUS Act, a landmark bill proposing the first regulatory framework for U.S. stablecoins pegged to the dollar. This legislation, supported by Senator Bill Hagerty and others, aims to establish rules for stablecoins and further solidify the U.S. dollar's dominance in global finance. Though the bill received bipartisan support in the Senate Banking Committee, concerns have been raised over its impact on traditional banking, with some critics arguing it may enable nonbank issuers to compete unfairly with FDIC-insured banks. The GENIUS Act differs from the House's STABLE Act in several key areas, including reserve requirements. The Trump administration is pushing for swift passage of the bill before Congress's summer recess amidst ongoing discussions about stablecoin regulation.

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