The Senate’s GENIUS Act has made strides with new amendments aimed at addressing concerns raised by Democrats regarding stablecoins. The bill, poised for a vote soon, includes language on national security, ethics, and foreign issuers. Key ethical considerations were highlighted, particularly regarding President Trump’s potential conflicts of interest with his family’s crypto ventures. While the legislation still exempts the president and vice president from certain restrictions, it now requires other executive employees to adhere to stricter guidelines when it comes to stablecoins. The bill sets forth conditions for Big Tech firms, allowing them to issue stablecoins only under stringent circumstances. Additionally, provisions have been added to study the implications of stablecoin insolvencies, without imposing definitive requirements on subsequent actions. Another significant issue addressed involves foreign issuers like Tether, taking into account their regulation and operations. Although Democrats continue to debate effective measures to strengthen the bill, the emergence of this new draft reflects a potential pathway to reaching bipartisan agreement on stablecoin legislation.

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