U.S. Senate Advances GENIUS Act: Stablecoin Regulation Takes Major Step Forward

A significant step forward has been taken towards stablecoin regulation in the U.S. Senate, with the bipartisan GENIUS Act gaining momentum and advancing through procedural hurdles. The bill, which aims to establish a comprehensive framework for stablecoin issuance and oversight, has cleared its initial hurdle with sixteen Democratic senators crossing party lines to support the measure. This indicates increasing agreement on the importance of regulating the rapidly evolving stablecoin market, according to Fox Business journalist Eleanor Terrett.