A bipartisan push to revive the GENIUS Act, a crucial stablecoin bill gaining support from major players in the crypto industry, is accelerating in the U.S. Senate. The bill, previously stalled amid controversy surrounding former President Donald Trump’s growing involvement in the digital asset space, has re-emerged with renewed momentum after discussions between senators from both sides of the aisle. Senator Bill Hagerty, a Republican spearheading the bill, shared that bipartisan staff meetings are underway, expressing optimism for Democratic support before the Memorial Day recess. Senator Angela Alsobrooks, a Democrat and vocal advocate for the bill, confirmed ongoing negotiations but refrained from disclosing specifics. The renewed push follows a setback last week when the Senate blocked the GENIUS Act’s advancement, dealing a blow to the crypto industry’s quest for regulatory clarity. Concerns remain regarding the bill’s lack of sufficient safeguards against illicit finance and concerns about foreign stablecoin issuers’ involvement. Former President Trump’s increasing ties to the crypto world have also complicated the legislative process. Secretary Scott Bessent, in response to the Senate’s failure to advance the bill, emphasized the need for American leadership in this area. Meanwhile, South Korea’s central bank has called for clear legal authority over the issuance of stablecoins pegged to the Korean won, highlighting the global significance of establishing regulatory frameworks for these assets.