#USStablecoinBill The U.S. Senate is currently deliberating the Guiding and Establishing National Innovation for U.S. Stablecoins Act of 2025 (GENIUS Act), a bipartisan initiative aimed at creating a comprehensive regulatory framework for stablecoin issuers. This legislation seeks to ensure that stablecoins are fully backed by reserves, comply with anti-money laundering laws, and are subject to both federal and state oversight. [1]

The GENIUS Act has garnered support from both sides of the aisle, with co-sponsors including Senators Bill Hagerty (R-TN), Tim Scott (R-SC), Kirsten Gillibrand (D-NY), and Cynthia Lummis (R-WY). The Senate Banking Committee advanced the bill with an 18-6 vote, reflecting a significant step toward establishing regulatory clarity in the crypto space. [2]

However, recent developments have introduced challenges. A group of nine Senate Democrats, who previously supported the bill, have withdrawn their backing, citing concerns over insufficient provisions for anti-money laundering and financial system risks. [3] Additionally, controversies surrounding potential conflicts of interest related to former President Trump's affiliations with stablecoin ventures have intensified scrutiny.