The U.S. Senate is advancing the GENIUS Act, a bill aimed at establishing the first-ever regulatory framework for stablecoins. Senate Majority Leader John Thune has expedited the vote on this legislation, which is led by Senator Bill Hagerty and cosponsored by Senators Tim Scott and Cynthia Lummis. The updated version of the bill was recently introduced on the Senate floor. The GENIUS Act seeks to support digital asset innovation in the United States while protecting consumers and ensuring that foreign companies adhere to the same regulatory standards. The Senate is reportedly targeting a vote on the stablecoin legislation before Memorial Day. The bill has also been advanced by a Senate panel, marking a key step in the regulatory oversight of payment stablecoins. This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz . To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io
