Senate Nears Decision on Stablecoin Regulation: Will Lobbying Win Out?

The US cryptocurrency industry is urging its lawmakers to pass a landmark bill that would establish regulations for the $150 billion stablecoin market, putting pressure on the Senate as it prepares for a vote. The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act aims to subject stablecoin issuers like Circle (USDC) and Tether (USDT) to stringent requirements for reserves, consumer protection, and anti-money laundering, among other stipulations.