U.S. Senate Aims to Pass Stablecoin Regulation Bill Before May Recess

The U.S. Senate is moving quickly to pass the GENIUS Act, a stablecoin regulation bill, before Memorial Day. This legislation seeks to establish clear rules for U.S.-issued stablecoins and ensure their issuers are subject to Federal Reserve oversight. The bill has already passed the Senate Banking Committee with bipartisan support, earning a vote of 18-6. With this momentum, it’s poised to move towards a potential floor vote in the Senate.