The US Senate is taking a crucial step towards regulating digital tokens by advancing the GENIUS Act. This landmark bill aims to establish the first-ever regulatory framework for dollar-pegged stablecoins in the country. As the Senate prepares for upcoming procedural votes, Senator John Thune’s amendment, a potential obstacle to passage, will be among the items on the agenda. 5 procedural votes are scheduled to determine the fate of both amendments and the legislation itself, which stands as S.1582 or the “Guaranteeing Every Nation a United and Inclusive Stablecoin.” The GENIUS Act has been lauded by some Republicans, including Senator Bill Hagerty, who has spearheaded the bill’s development. Meanwhile, a group of Democrats has voiced opposition to the legislation, citing concerns about loopholes and potential negative impacts on consumers and financial stability. If all goes smoothly, the Senate may vote on the bill as early as Monday. Meanwhile, US Bancorp CEO Gunjan Kedia is exploring new opportunities in the stablecoin market, highlighting renewed interest in institutional crypto custody services. The company’s focus has shifted to payments involving stablecoins following recent regulatory changes and a heightened appetite for digital financial solutions.