Senate Approaching Vote on Stablecoin Regulation Bill Amidst Political Gridlock

The U.S. Senate will vote on a proposed stablecoin regulation bill, known as the 2025 Stablecoin Innovation Act (GENIUS Act), this Thursday. The legislation requires stablecoins to be backed by liquid assets like U.S. dollar reserves or short-term treasury bonds. To pass, it needs 60 votes with the current Senate split at 53 Republicans and 47 Democrats. This means support from at least seven Democratic senators is crucial.