{"id":129587,"date":"2025-05-20T02:15:53","date_gmt":"2025-05-20T02:15:53","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=129587"},"modified":"2025-05-20T02:15:53","modified_gmt":"2025-05-20T02:15:53","slug":"us-senate-moves-forward-with-genius-stablecoin-bill","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=129587","title":{"rendered":"US Senate moves forward with GENIUS stablecoin bill"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsThe 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\u2019s sprawling crypto empire.<br \/>\nA 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.<br \/>\nSeveral Democrats changed their votes to pass the motion to invoke cloture, which will now set the bill up for debate on the Senate floor.<br \/>\nRepublican Senator Cynthia Lummis, one of the bill\u2019s key backers, said on May 15 that she thinks it&#8217;s a \u201cfair target\u201d to have the GENIUS Act passed by May 26 \u2014 Memorial Day in the US.<br \/>\nThe US Senate voted 66-32 to advance debate on the GENIUS stablecoin bill. Source: US SenateThe GENIUS Act was introduced on Feb. 4 by US Senator Bill Hagerty and seeks to regulate the nearly $250 billion stablecoin market \u2014 currently dominated by Tether (USDT) and Circle\u2019s USDC (USDC).<br \/>\nThe bill requires stablecoins be fully backed, have regular security audits and approval from federal or state regulators. Only licensed entities can issue stablecoins, while algorithmic stablecoins are restricted.<br \/>\nSeveral Democratic senators withdrew support for the bill on May 8, blocking a motion to move it forward, citing concerns over potential conflicts of interest involving Trump\u2019s crypto ventures and anti-money laundering provisions.<br \/>\nRelated: Circle plans IPO but talks with Ripple, Coinbase could lead to sale: Report<br \/>\nThe bill was revised soon after to receive enough bipartisan support to proceed to a vote.<br \/>\nHagerty\u2019s stablecoin bill builds on the discussion draft he submitted for former Representative Patrick McHenry\u2019s Clarity for Payment Stablecoins Act in October.<br \/>\nMagazine: Crypto wanted to overthrow banks, now it\u2019s becoming them in stablecoin fight<a href=\"https:\/\/cointelegraph.com\/news\/us-senate-moves-forward-genius-stablecoin-bill?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsThe 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&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/129587"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=129587"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/129587\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=129587"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=129587"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=129587"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}