GENIUS Act may hit Senate floor this week
If Senate Republicans and Democrats successfully negotiate, the GENIUS Act that deals with stablecoin regulation could see the Senate floor before the end of the week, journalist Eleanor Terrett wrote on X on June 3.
A stablecoin is a type of cryptocurrency that, unlike usually volatile cryptocurrencies such as Bitcoin, maintains a stable value. It is usually pegged to a fiat currency like the U.S. dollar or a commodity like gold.
Titled the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, the bipartisan bill aims to provide regulatory clarity for stablecoins.
On May 19, the Senate advanced the bill with a 66-32 vote.
The legislation has faced intense opposition from Democratic lawmakers such as Sen. Elizabeth Warren (D-MA), who have voiced concerns about the alleged conflicts of interest arising from President Donald Trump’s engagement with multiple crypto ventures, including the USD1 stablecoin.
Due to such concerns, more than 60 amendments to the bill have been put forward so far. Both sides are now negotiating to bring the list down to "a more manageable number," Terrett said.
If the Republicans and Democrats are able to reach a deal, the bill could see the Senate floor before the end of the week, Terrett underlined. However, both parties failing to reach a deal could derail the bill further into next week.
As per DeFiLlama, the stablecoin market is worth $248 billion, out of which USD1 occupies a meagre 0.0087% share.
This article has been published in thestreet.com via Yahoo News.
