The influential Senate Majority Leader in the United States, John Thune, has triggered the mechanism to expedite the processing of a crucial piece of legislation: the National Innovation Guideline and Establishment Act for Stablecoins (GENIUS). This legislative initiative, twin to other proposals proceeding simultaneously in both chambers of Congress, seeks to circumvent delays and propel its swift approval.
It is anticipated that the House of Representatives will closely follow this movement. Although the precise date for the vote in the full Senate remains uncertain, it is noteworthy that a prior vote in the Banking Committee supported the measure with a strong and broad bipartisan backing of 18 votes in favor versus only 6 against. This momentum adds to the advancement of a similar draft by the House Financial Services Committee in April, marking a significant step towards a regulatory framework for these stable cryptocurrencies.