US Senate Majority Leader John Thune stated that lawmakers will move forward with a vote on the GENIUS Act, a bill regulating stablecoins, before the May 26 Memorial Day holiday. Thune made these remarks during a closed-door meeting with Republican senators. The GENIUS Act, introduced by Senator Bill Hagerty in February, aims to restrict stablecoin issuance to ``permitted payment stablecoin issuers`` in the United States. The Republican-controlled House has proposed a companion bill, the STABLE Act, focusing on transparency and accountability for stablecoins. President Donald Trump has signed several executive orders that may impact U.S. crypto policy, including one establishing a working group to study a national crypto stockpile and regulatory frameworks for stablecoins. Concerns have been raised over potential conflicts of interest due to Trump's ties to a crypto firm, creating scrutiny as Congress considers both stablecoin bills. This legislative move highlights the ongoing evolution of regulations in the cryptocurrency space.

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