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The GENIUS Act would legitimize stablecoins for institutional adoption and set a precedent for other global jurisdictions, according to the managing partner of DWF Labs. Stablecoin adoption among institutions could surge as the United States Senate prepares to debate a key piece of legislation aimed at regulating the sector. After failing to gain support from key Democrats on May 8, the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act passed the US Senate in a 66–32 procedural vote on May 20 and is now heading to a debate on the Senate floor. The bill seeks to set clear rules for stablecoin collateralization and mandate compliance with Anti-Money Laundering laws. Read more

The US Senate voted 66-32 in a procedural vote to move forward the stablecoin-regulating GENIUS Act, which will head to a debate on the Senate floor. The US Senate has voted to advance a key stablecoin-regulating bill after Democrat Senators blocked an attempt to move the bill forward earlier in May over concerns about President Donald Trump’s sprawling crypto empire. A key procedural vote on the Guiding and Establishing National Innovation for US Stablecoins Act, or GENIUS Act, passed in a 66-32 vote on May 20. Several Democrats changed their votes to pass the motion to invoke cloture, which will now set the bill up for debate on the Senate floor. Read more

The US Senate is expected to vote on the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act today at approximately 8 P.M. EDT. However, its unclear whether the bill will pass or continue to face delays. The GENIUS Act seeks to establish a federal regulatory framework for payment stablecoins, but has faced hurdles in […] The post US Senate to vote on GENIUS stablecoin bill despite political divide appeared first on CryptoSlate.

Progressive group Our Revolution is mobilizing lawmakers and grassroots members in a national organizing call to stop what it calls an alleged sweeping “crypto power grab” led by President Donald Trump and his congressional allies. According to the press release shared with CryptoSlate, Senators Elizabeth Warren and Jeff Merkley will headline the virtual event on […] The post Senators Warren, Merkley to headline national call opposing Trump’s GENIUS Act appeared first on CryptoSlate.

The Senate denied the motion to invoke cloture on the motion to consider the GENIUS Act bill, which aims to regulate stablecoins in the US. The decision came with a one-vote difference, as 49 Democrat senators denied the motion against 48 favorable votes.  Senate Majority Leader John Thune accused Democrats of using the filibuster for […] The post GENIUS Act stalls in Senate, lawmakers eye new proposal next week appeared first on CryptoSlate.