The US Senate is set to vote on the amended GUIDING and ESTABLISHING NATIONAL INNOVATION for US Stablecoins Act (GENIUS Act) on June 17. This follows a successful cloture motion made by the Senate Democrats, allowing for a full debate on the bill. Amendments to the GENIUS Act are being considered, including measures that prevent elected officials and their families from profiting by leveraging connections in the cryptocurrency sector. If passed, the bill could introduce a legal and regulatory framework for stablecoins in the United States. Despite support indicated by a 68-30 vote to invoke cloture, opposition remains, with Senator Josh Hawley criticizing the bill as overly favorable to Big Tech. Concurrently, the US House of Representatives is reviewing a separate bill focusing on defining regulatory roles for the SEC and CFTC concerning digital assets. The passage of either bill remains uncertain due to the closely divided political landscape.

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