Senate Approves Stablecoin Regulation Bill Before Memorial Day Break

The U.S. Senate is expected to vote on the GENIUS Act before the Memorial Day break, a significant step towards regulating stablecoins. The bill, introduced by Senator Bill Hagerty in February and approved by the Senate Banking Committee in March, aims to establish clear regulatory guidelines for stablecoin issuers. The act requires these companies to obtain licenses as “permitted payment stablecoin issuers”.