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Senate advances a major crypto regulation bill on a bipartisan vote

  • On Monday, May 19, 2025, the Senate voted 66-32 to advance the bipartisan GENIUS Act, a federal stablecoin regulation bill in the U.S.
  • The vote followed negotiations where several Democrats reversed opposition after adding tougher ethics rules preventing lawmakers from issuing stablecoins.
  • The bill aims to create a clear regulatory framework for stablecoin issuers, barring large tech firms and enhancing consumer protections while supporting innovation.
  • Senator Elizabeth Warren criticized the bill, arguing that it would enhance opportunities for corruption linked to Trump by greatly expanding the stablecoin market, while Senator Bill Hagerty praised the legislation for modernizing the U.S. payment infrastructure and advancing digital financial systems.
  • The Senate is expected to review the bill and potentially hold a final vote on it this week, underscoring the Trump administration’s focus on implementing stablecoin regulations amid the expanding influence of the cryptocurrency sector.
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The Defiant broke the news in on Monday, May 19, 2025.
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