Senate Advances GENIUS Act – A New Era for Stablecoin Regulation? 🏛️

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The Senate Banking Committee has advanced the GENIUS Act, a significant stablecoin bill, to the full Senate for debate. The bill, which passed with an 18-6 vote including five Democrats, includes amendments requiring regulatory reviews of stablecoin issuers and prioritizing customer claims in bankruptcy. Committee Chair Sen. Tim Scott emphasized the need to encourage innovation in the U.S. The bill's progress reflects ongoing differences between Republicans and Democrats on regulatory approaches. Axios

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