Key dealers
- The Senate advanced Genius Act after securing the 60 votes needed to continue.
- Bipartisan’s support for the Stablecoin regulation proposal has previously been dissolved due to concern about conflicts of interest with President Trump.
The Senate’s efforts to promote the Stablecoin Regulation gained momentum today as legislators approved an important vote on the Genia Act and cleared the way for formal debate.
The Cloture movement on Genius ACT, also known as guiding and establishment of national innovation for the US Stablecoins Act, adopted with a vote 66-32, which surpasses the 60-resistant threshold required to overcome a Philibuster.
When Kloture is invoked, the bill now goes to the Senate floor for full consideration and potential changes.
Genius Act, Introduced by Senator Bill HagertyStarted as a two -party effort with fellow sponsors including the Senators Tim Scott, Cynthia Lummis, Kirsten Gillibrand and Angela Alsobrooks. In its latest iteration, however, the democratic fellow sponsors were removed, and the bill now has only republican support.
The legislation, which aims to create a regulatory framework for Stablecoins, had previously ensured two -party support in the Senate Bank Committee in March.
However, the bill lost momentum when the Democrats withdrew their support for potential conflicts of interest related to President Donald Trump and Trump-affiliated Stablecoin Issuer World Liberty Financial (WLF).
This is a developing story.
