The US Senate voted 66-32 on May 20 to advance the Guiding and Establishing National Innovation for US Stablecoins Act, or GENIUS Act, which seeks to regulate the nearly $250 billion stablecoin market. The bill requires that stablecoins be fully backed and subject to regular security audits and federal or state oversight. Licensed entities will be the only ones allowed to issue stablecoins, while algorithmic stablecoins will face restrictions. The advancement follows earlier attempts by Democratic senators to block the bill due to concerns about conflicts of interest involving President Donald Trump's cryptocurrency ventures. However, after revisions aimed at garnering bipartisan support, the bill was set for debate. Senator Cynthia Lummis, a key proponent, expressed hope for the bill's approval ahead of Memorial Day.

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