Senate Majority Leader John Thune has filed a formal cloture motion for the GENIUS Act, setting a vote for May 19. If passed, this act aims to establish federal regulations for stablecoins, influencing future digital asset regulations in the U.S.
The GENIUS Act includes provisions to regulate stablecoin issuers and restrict foreign entities, striving to provide a clearer regulatory landscape. However, mixed reactions from the market highlight uncertainties regarding its content and implications.
Concerns have been raised by Senator Mark Warner, emphasizing the need for thorough preparedness before moving forward. Concurrently, the GENIUS Act faces competition from the STABLE Act, further complicating the regulatory environment for stablecoins.
Full story here: https://coincu.com/337860-genius-act-senate-vote-stablecoins
