The US Senate has advanced the GENIUS Act, a significant bill aimed at regulating the $250 billion stablecoin market, with a procedural vote passing 66-32 on May 20. This follows a previous block by some Democrat Senators concerned about potential conflicts with President Trump's crypto interests. The GENIUS Act, introduced by Senator Bill Hagerty, mandates that stablecoins be fully backed, undergo regular security audits, and require federal or state regulatory approval for issuance. Algorithmic stablecoins would face restrictions under the new regulations. The bill was adjusted to secure bipartisan support after Democrats initially withdrew their backing due to their concerns. With Memorial Day in sight, proponents hope for a prompt debate on the Senate floor.

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