Senate Majority Leader John Thune has indicated that Republicans may be open to Democratic amendments on the GENIUS Act, which aims to create a federal framework for stablecoins. This comes as nine Senate Democrats publicly oppose the bill, calling for stronger provisions on issues such as anti-money laundering and financial safety. With a vote on the legislation approaching before Congress' summer recess, the GOP acknowledges the need for bipartisan support, requiring at least seven Democratic votes to pass. Thune’s shift in approach follows a weekend where he had expedited procedures for the bill's advancement. The GENIUS Act would allow nonbank stablecoin issuers to operate legally in the United States, addressing a significant regulatory gap in a market now valued over $240 billion. If enacted, the legislation could impact the way digital currencies are issued and regulated in the U.S.

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