The U.S. Senate will hold a key vote on the GENIUS Act, a stablecoin regulatory bill, tonight

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ODAILY
05-19
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Planet News: According to Punchbowl News, the U.S. Senate is expected to hold a critical procedural vote on the GENIUS Act, a stablecoin regulation bill, as early as 5:00 PM local time on May 19. The bill, proposed by Senator Bill Hagerty, aims to require stablecoin issuers to hold safe, highly liquid assets as reserves and comply with anti-money laundering regulations. Although the bill previously received bipartisan support in the Senate Banking Committee, it failed to pass in the May 8 vote, primarily due to Democratic concerns about the Trump family's connections to crypto assets. Currently, Senator Mark Warner and others are working to revise the bill in hopes of reaching a bipartisan consensus.

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