The U.S. Senate plans to pass the "National Innovation Stablecoin Guidance and Establishment Act" (GENIUS Act) as early as May 26, 2023. This legislation aims to establish a federal regulatory framework for stablecoins. Previously, Democrats had blocked its advancement on May 8 due to concerns that the bill could allow former President Trump and his family to benefit from cryptocurrency projects. To reach a consensus, the bill has removed provisions related to the Trump family.

Background and Controversy

• Purpose of the Bill: The GENIUS Act aims to establish a federal regulatory framework for stablecoins, ensuring their safety and stability while promoting innovation.

• Democratic Concerns: Democrats had concerns that the bill could enable Trump and his family to profit from cryptocurrency projects, particularly projects such as Meme coins that the Trump family might launch.