{"id":20828,"date":"2025-05-20T01:38:46","date_gmt":"2025-05-20T01:38:46","guid":{"rendered":"https:\/\/gold.creditcard\/us-senate-moves-forward-with-genius-stablecoin-bill\/"},"modified":"2025-05-20T01:38:46","modified_gmt":"2025-05-20T01:38:46","slug":"us-senate-moves-forward-with-genius-stablecoin-bill","status":"publish","type":"post","link":"https:\/\/gold.creditcard\/es\/us-senate-moves-forward-with-genius-stablecoin-bill\/","title":{"rendered":"US Senate moves forward with GENIUS stablecoin bill"},"content":{"rendered":"

The US Senate has voted to advance a key stablecoin-regulating bill after Democrat Senators blocked an attempt to move the bill forward earlier in May over concerns about President Donald Trump\u2019s sprawling crypto empire.<\/p>\n

A key procedural vote on the Guiding and Establishing National Innovation for US Stablecoins Act, or GENIUS Act, passed in a 66-32 vote on May 20.<\/p>\n

Several Democrats changed their votes to pass<\/a> the motion to invoke cloture, which will now set the bill up for debate on the Senate floor.<\/p>\n

Republican Senator Cynthia Lummis, one of the bill\u2019s key backers, said on May 15 that she thinks it’s a \u201cfair target\u201d to have the GENIUS Act passed by May 26<\/a> \u2014 Memorial Day in the US.<\/p>\n

The US Senate voted 66-32 to advance debate on the GENIUS stablecoin bill. Source: <\/em>US Senate<\/em><\/a><\/p>\n

The GENIUS Act was introduced on Feb. 4 by US Senator Bill Hagerty and seeks to regulate the nearly $250 billion stablecoin market \u2014 currently dominated by Tether (USDT<\/a>) and Circle\u2019s USDC (USDC<\/a>).<\/p>\n

The bill requires stablecoins be fully backed, have regular security audits and approval from federal or state regulators. Only licensed entities can issue stablecoins, while algorithmic stablecoins are restricted.<\/p>\n

Several Democratic senators withdrew support for the bill on May 8, blocking a motion to move it forward, citing concerns over potential conflicts of interest involving Trump\u2019s crypto ventures and anti-money laundering provisions.<\/p>\n

Related: <\/strong><\/em>Circle plans IPO but talks with Ripple, Coinbase could lead to sale: Report<\/strong><\/em><\/a><\/p>\n

The bill was revised soon after to receive enough bipartisan support to proceed to a vote.<\/p>\n

Hagerty\u2019s stablecoin bill builds on the discussion draft<\/a> he submitted for former Representative Patrick McHenry\u2019s Clarity for Payment Stablecoins Act<\/a> in October.<\/p>\n

Magazine: <\/strong><\/em>Crypto wanted to overthrow banks, now it\u2019s becoming them in stablecoin fight<\/strong><\/em><\/a><\/p>","protected":false},"excerpt":{"rendered":"

The US Senate has voted to advance a key stablecoin-regulating bill after Democrat Senators blocked an attempt to move the bill forward earlier in May over concerns about President Donald Trump\u2019s sprawling crypto empire. A key procedural vote on the Guiding and Establishing National Innovation for US Stablecoins Act, or GENIUS Act, passed in a […]<\/p>","protected":false},"author":0,"featured_media":20829,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[9],"tags":[],"class_list":["post-20828","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-digital-finance"],"_links":{"self":[{"href":"https:\/\/gold.creditcard\/es\/wp-json\/wp\/v2\/posts\/20828","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gold.creditcard\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gold.creditcard\/es\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/gold.creditcard\/es\/wp-json\/wp\/v2\/comments?post=20828"}],"version-history":[{"count":0,"href":"https:\/\/gold.creditcard\/es\/wp-json\/wp\/v2\/posts\/20828\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gold.creditcard\/es\/wp-json\/wp\/v2\/media\/20829"}],"wp:attachment":[{"href":"https:\/\/gold.creditcard\/es\/wp-json\/wp\/v2\/media?parent=20828"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gold.creditcard\/es\/wp-json\/wp\/v2\/categories?post=20828"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gold.creditcard\/es\/wp-json\/wp\/v2\/tags?post=20828"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}