BlockBeats news, on May 15, according to crypto reporter Eleanor Terrett, the U.S. Senate has received a bipartisan amendment draft text for the GENIUS Act. Two Senate sources revealed that the amendments will introduce new content related to consumer protection, bankruptcy handling, and ethical standards.
BlockBeats previously reported that on May 9, the U.S. Senate voted 48 to 49 to reject the (Stablecoin Innovation and Security Act) (GENIUS Act), with Democrats collectively voting against the motion to advance the bill. The bill aims to establish the first regulatory framework for the issuance of stablecoins (digital tokens linked to fiat currencies such as the U.S. dollar) in the United States. Democrats called for the inclusion of explicit provisions to prohibit executive officials, including former President Trump and his family members, from holding or trading cryptocurrencies, and to strengthen anti-corruption clauses. According to two insiders, after the committee's approval, the bill was amended as per Democratic requests, including retaining states' regulatory authority over foreign-issued stablecoins and expanding the scope of suspicious transaction monitoring for stablecoin users.