The Senate is set to vote on the bipartisan GENIUS Act, establishing a regulatory framework for stablecoins. While the Senate Banking Committee previously advanced the bill with some Democrat support, the future remains uncertain. Senate Minority Leader Chuck Schumer and Sen. Elizabeth Warren have advised Democratic senators to withhold their votes for more concessions from Republicans. Majority Leader John Thune indicated ongoing discussions with Democrats to negotiate further changes.
Democrats are advocating for specific provisions to prohibit executive branch members, including Donald Trump and his family, from owning cryptocurrencies, and for stronger anti-corruption measures. With Republicans holding a narrow majority, the bill requires 60 votes to advance. A bipartisan group of senators met to negotiate changes, facing issues like anti-money laundering provisions and national security concerns raised by some Democrats who initially supported the bill.
Recent investments in Trump family ventures have intensified scrutiny, prompting Senate Democrats to propose legislation targeting financial benefits stemming from political power. Some Republican senators are also expressing reservations, with a few planning to vote against the GENIUS Act over concerns about regulation.
While the GENIUS Act primarily addresses stablecoins, it has faced criticism for not regulating meme coins. Despite amendments that broaden protections against fraud and money laundering previously requested by Democrats, the bill’s current version is contentious. If passed, the House would need to consider it before heading to the president for a signature. Thune insists that collaboration is possible but emphasizes the need for progress on the legislation.
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