Stablecoin Regulation Gains Momentum as Senate Clears GENIUS Act for Debate

The US Senate has taken a significant step toward regulating stablecoins with the passage of the GENIUS Act cloture motion. This move paves the way for a full debate and potential amendments before a final vote in the Senate, signifying progress towards establishing clear regulatory guidelines for these digital assets. Significantly, the bill garnered strong bipartisan support with sixteen Democrats and Republicans voting together to invoke cloture, highlighting the agreement on addressing the need for stablecoin oversight.