🏦 The U.S. Senate is taking steps toward a potential landmark vote on legislation that would regulate stablecoin issuers, marking the first time the chamber has seriously considered comprehensive crypto-focused legislation.
💪 Senate Majority Leader John Thune (R-SD) has initiated a process to fast-track the *Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act*, the Senate's version of bipartisan legislation moving through both houses of Congress. Thune’s move is intended to minimize delays and floor debate, aiming to push the bill through swiftly.
⏰ While the timing of the full Senate vote remains uncertain, the bill previously passed the Senate Banking Committee with strong bipartisan support in an 18-6 vote. Meanwhile, the House Financial Services Committee approved its companion version in April, positioning both chambers for a potential convergence.
📢 “I look forward to passing the GENIUS Act in short order to keep digital asset innovation in America, protect customers, and make sure foreign companies are playing by the same rules,” said Senator Bill Hagerty (R-TN), the bill’s lead sponsor. The legislation also has the backing of Senate Banking Committee Chairman Tim Scott (R-SC).
🙋 Bo Hines, executive director of the Presidential Council of Advisers for Digital Assets and a close adviser to former President Donald Trump on crypto matters, said the House and Senate bills are “as much as 90% similar.” According to Hines, lawmakers from both chambers are working to reconcile remaining differences as momentum builds.
