BlockBeats News, May 7th, according to TheBlock, Senate Majority Leader John Thune has filed a motion to end debate on the stablecoin "GENIUS Act" (full name "2025 Stablecoin Innovation Act"), and a key procedural vote will take place on Thursday. The bill, led by Bill Hagerty, requires stablecoins to be fully backed by the US dollar or short-term treasury securities and other liquid assets. The bill needs 60 votes to pass, with the current Senate Republicans holding 53 seats and Democrats holding 47 seats, requiring at least 7 Republicans to garner Democratic support.
On the Democratic side, 9 senators, including Ruben Gallego, co-signed a letter opposing the current version, calling for enhanced oversight of foreign issuers and anti-money laundering provisions. Senator Richard Blumenthal has sent an inquiry letter to the Trump-affiliated crypto company World Liberty Financial, investigating potential conflicts of interest. On the Republican side, Rand Paul has criticized excessive stablecoin regulation, while Senator Josh Hawley is concerned about big tech using stablecoins for issuance. This vote comes at a time of controversy over the Trump family's crypto interests, with Democrats continuing to push for an assessment of the president's business dealings' impact on policy. If passed, this bill will be the first federal-level stablecoin regulatory framework in the United States.
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