US Senate Majority Leader John Thune has indicated that lawmakers will move forward with a vote on the GENIUS stablecoin bill before the Memorial Day holiday on May 26. This information was shared during a closed-door meeting with Republican senators who hold a narrow majority in the Senate. The GENIUS Act, introduced by Senator Bill Hagerty, aims to regulate stablecoin issuers strictly, allowing only 'permitted payment stablecoin issuers' to offer stablecoins in the United States. A companion bill in the House, known as the STABLE Act, has been introduced by the Republican-controlled chamber as well. In context, President Trump recently signed an executive order to evaluate a national framework for stablecoins, which has drawn scrutiny due to potential conflicts of interest related to his family's crypto ventures. As the Senate considers these significant regulatory measures, the discussions continue to unfold.

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