Senate advances GENIUS Act to regulate stablecoins

In the United States, the Senate recently made significant progress in cryptocurrency regulation by holding a procedural vote on the GENIUS Act. This vote, occurring two weeks after Senate Democrats blocked the measure, resulted in a 66-32 outcome. The Act aims to introduce a regulatory framework for stablecoins, which are cryptocurrencies pegged to assets like the U.S. dollar. With bipartisan support growing, negotiations between Democrats and Republicans had taken place to address key concerns raised during the previous block of the legislation, showcasing the ongoing divide within the Democratic Party on how to approach cryptocurrency regulation.