#USStablecoinBill The U.S. Senate is progressing with the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, aiming to establish a regulatory framework for stablecoin issuers. The Senate Banking Committee approved the bill with an 18-6 vote, reflecting bipartisan support.

The GENIUS Act proposes that stablecoin issuers maintain 100% reserves, comply with anti-money laundering regulations, and undergo regular audits. These measures are designed to enhance consumer protection and ensure financial stability in the rapidly evolving digital asset space.

However, the bill faces challenges as nine Senate Democrats have withdrawn their support, citing concerns over insufficient safeguards against money laundering and the potential for misuse by foreign entities. Additionally, reports linking former President Donald Trump to a $2 billion stablecoin venture have intensified scrutiny and political tensions surrounding the legislation.

Despite these hurdles, proponents