The US Senate is set to vote on the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act after invoking cloture for the bill. The vote is scheduled for Tuesday, June 17, following proposed amendments, including one addressing potential conflicts of interest in the crypto industry. If passed, the GENIUS Act would establish a regulatory framework for stablecoins in the US. Meanwhile, the House of Representatives is also considering the Digital Asset Market Clarity (CLARITY) Act to define roles for regulatory bodies in overseeing digital assets. With debates ongoing, the outcome of these bills remains uncertain due to the need for bipartisan support. The crypto industry, once aiming to disrupt traditional banking, now faces regulatory challenges as it ventures into stablecoin issuance. Read more AI-generated news on: https://app.chaingpt.org/news