US Senate lawmakers are reportedly moving forward with a vote on the GENIUS stablecoins bill before the Memorial Day holiday.
US Senate Majority Leader John Thune informed Republican lawmakers that the chamber would address a bill on stablecoin regulation 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 have 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 bills related to cryptocurrencies or blockchain in his public comments about the first 100 days of US President Donald Trump's administration. Since his inauguration on January 20, Trump has signed several executive orders with the potential to affect US cryptocurrency policy, including one that addresses 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 that is not an 'authorized issuer of payment stablecoins' 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.
Trump is accused of conflicts of interest regarding stablecoins and crypto ventures.
The president's executive order, signed on January 23, established a working group to study the possible creation and maintenance of a national cryptocurrency reserve and a regulatory framework for stablecoins. Republican lawmakers continued to introduce the STABLE and GENIUS bills.
Trump also issued the order before World Liberty Financial, a cryptocurrency firm backed by the president's family, launched its USD-pegged stablecoin, USD1. Many Democratic lawmakers said that Trump's ties to the firm, along with his political influence and position, could present an 'extraordinary conflict of interest that could create unprecedented risks for our financial system' while Congress considers the two stablecoins bills.
