Key dealers
- The Senate will vote on important legislation on legislation on Stablecoin before Memorial Day.
- The StableCoin bill has two -party support and approved the Senate Bank Committee.
Senate majority leader John Thune announced behind closed doors that a vote for guidance and establishing national innovation for us Stablecoins (Genius) will take place before Memorial Day, Politico reported Tuesday.
This means that the Senate is likely to take up the Crypto landmark legislation by Friday 23 May, which is the last working day before the holiday weekend.
Thune delivered the timeline under the GOP Senators’ Weekly Conference lunch and set the stage for the Senate’s first major vote on cryptoral control reform.
Introduced by Senator Bill Hagerty in February, Genius Act would set up a regulatory framework for Stablecoins, digital assets tied to Fiat currencies like the US dollar.
The legislation cleared the Senate Bank Committee in mid-March with 18-6 voting. Despite opposition and proposed amendments from Senator Elizabeth Warren, the bill continued without her changes and will now meet a voice in both congress.
The legislation requires reserve requirements, minutes of money laundering and consumer protection measures to improve the StableCoin regulation and promote the strength of the American dollar.
If approved, it would mark a historic first step of the Senate towards extensive crypto surveillance and could pave the way for broader legislation in space. Crypto advocates have long argued that regulatory clarity on Stablecoins is crucial for adoption and market stability.
In a statement following the Senate Bank Committee’s approval of Genius Act, Bo Hines, CEO of the president’s adviser on digital assets, indicated that the United States was on the way to adapt the key Stablecoin legislation, probably within two months.
President Trump too urged Congress to adopt legislation To establish a regulatory framework for Stablecoins under Blockworks Digital Asset Summit in New York. He emphasized that regulations would strengthen the dominance of American dollar and facilitate economic growth.
