US Senate Votes to Regulate Stablecoins with the GENIUS Act

The US Senate is set to vote on the GENIUS Act, a bill aiming to introduce federal oversight for stablecoins, on June 11th. This legislation proposes comprehensive rules regarding the issuance, supervision, and consumer protection of dollar-pegged cryptocurrencies. The move comes as a result of Senator John Thune’s efforts to expedite bipartisan discussions. Should this bill pass, it will establish the first national regulatory framework for the cryptocurrency sector in the US.