Senate Republicans are set to vote on the GENIUS Act, a significant federal framework for regulating dollar-backed stablecoins, despite increasing bipartisan opposition. The bill would establish licensing, reserve, and disclosure requirements for stablecoin issuers, marking a major step in U.S. crypto regulation. Major elements of controversy stem from the bill's last-minute changes and lack of formal briefings for both parties. Notably, at least three Republican senators have publicly opposed the current version, alongside nine Senate Democrats expressing their concerns. Senate Majority Whip John Thune initiated cloture to proceed with the vote, aiming to frame Democrats as blockers of critical crypto legislation ahead of the 2026 midterm elections. This vote comes amidst broader tensions relating to ongoing discussions around digital assets and the involvement of President Trump's crypto projects, which have sparked protests among Democrats. Proponents, however, emphasize the necessity of the bill to preserve U.S. leadership in digital asset innovation, arguing that advancing it is crucial even amid partisan challenges.

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