The American Stablecoin Bill, also known as the Genius Act, is currently under review in the U.S. Senate. Here are the latest updates¹:

- *Current Status*: The Senate Banking Committee approved the bill by a vote of 18 to 6, and it is now awaiting a vote by the full Senate.

- *Democratic Support*: However, some Democrats have expressed concerns about the current draft of the bill, pointing to the need for stronger provisions on anti-money laundering, national security, and the stability of the financial system. Nine pro-crypto Democrats stated that they cannot support the bill without these changes.

- *Republican Support*: Senate Majority Leader John Thune suggested a vote on the bill, but Republican senators may need Democratic support to reach the 60 votes required to close debate.

- *Controversy*: The process of passing the bill has been complicated by the involvement of the Trump family in stablecoin projects, including the USD1 stablecoin from World Liberty Financial.