#Trump100Days The leader of the majority in the United States Senate, John Thune, informed Republican lawmakers that the chamber would address a bill on the regulation of stablecoins before the holiday on May 26, Memorial Day.
According to a Politico report from April 29, Thune made the comments in a closed-door meeting with Republican senators, who hold a slight majority in the chamber. The Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS), or GENIUS Act, was introduced by Senator Bill Hagerty in February and approved by the Senate Banking Committee in March.
Thune did not mention any cryptocurrency or blockchain-related bills in his public comments on the first 100 days of President Donald Trump's tenure. Since his inauguration on January 20, Trump has signed several executive orders with the potential to impact US cryptocurrency policy, including one affecting stablecoins. Still, many of the actions lack the force of law without an act of Congress.
The proposed GENIUS bill could essentially restrict any entity other than an "authorized payment stablecoin issuer" from issuing a payment stablecoin in the United States. The House of Representatives, also controlled by Republicans, has proposed a complementary bill to the legislation: the Stablecoin Transparency and Accountability for a Better Ledger Economy Act (STABLE), or STABLE Act.
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