The U.S. Senate plans to pass the "National Innovation Stablecoin Guidance and Establishment Act" (GENIUS Act) as early as May 26, which aims to establish a federal regulatory framework for stablecoins. Previously, Democrats had blocked its advancement on May 8 due to concerns that the bill could allow former President Trump and his family to benefit from cryptocurrency projects. To reach a consensus, the bill has removed provisions targeting the Trump family.

Background and Controversy

• Purpose of the Bill: The GENIUS Act aims to establish a federal regulatory framework for stablecoins to ensure their safety and stability while promoting innovation.

• Concerns of the Democrats: Democrats had concerns that the bill could allow Trump and his family to benefit from cryptocurrency projects, particularly those like Meme coins that the Trump family might launch.