Senators Bill Hagerty and Kirsten Gillibrand announced that the U.S. Senate may pass the GENIUS Act, a bill to regulate stablecoins, as soon as next week. The act aims to establish a pro-growth regulatory framework for payment stablecoins, which are crucial for crypto transactions. Despite facing objections from some Democrats regarding consumer protection and national security, negotiators believe they can address these concerns to advance the bill. The current draft includes provisions to prohibit major companies, like Meta, from being stablecoin issuers, while still allowing private companies some eligibility. After failing a cloture vote recently, the bill is set for another vote requiring 60 votes to proceed. Both lawmakers emphasized the need for robust consumer protections while supporting innovation in the stablecoin space. The House is also working on a similar proposal, and any final bill will require reconciliation between the two chambers before it can be signed into law.

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