The US Senate is set to take another attempt at advancing a crypto regulation bill, known as the GENIUS Act, after its initial push was derailed by Democratic opposition. The measure aims to create a regulatory framework for stablecoins, which are cryptocurrencies tied to the value of assets like the US dollar.
Senate Majority Leader John Thune expressed skepticism about Democrats’ role in blocking the legislation earlier this month, calling it “inexplicable.” However, he acknowledged that negotiations have continued, and at least one Democrat, Sen. Mark Warner of Virginia, has shown support for the measure.
Warner believes that clear rules are needed to protect consumers, defend national security, and promote responsible innovation in the stablecoin market. He expressed concerns about the Trump family’s potential use of crypto technologies to evade oversight and profit from corrupt activities.
On the other hand, Sen. Elizabeth Warren of Massachusetts has voiced her opposition to the bill, citing concerns that it puts consumers at risk and enables corruption. She emphasized the need for stronger oversight of the stablecoin market and called for anti-corruption reforms.
The bill’s fate remains uncertain as it fell short of the 60 votes required to move forward earlier this month. Senate Republicans will have to navigate ongoing partisan politics to advance the legislation. The vote is expected to take place on Monday evening, with Thune hoping that the second attempt will be more successful.
Source: https://www.cbsnews.com/news/senate-crypto-bill-second-try