US Senate Leader Expects Crucial Stablecoin Vote Before May 26, Report Reveals

According to reports, US Senate Majority Leader John Thune informed Republican legislators that the chamber will tackle a bill addressing stablecoin regulations before the Memorial Day holiday on May 26.

As stated in a Politico article from April 29, Thune made During a private meeting with Republican senators, who have a narrow majority in the Senate, remarks were made regarding legislation. The bill, known as the Guiding and Establishing National Innovation for US Stablecoins (GENIUS Act), was put forward by Senator Bill Hagerty back in February. cleared the Senate Banking Panel in March.

Thune did not mention Any cryptocurrency or blockchain-related legislation mentioned in U.S. President Donald Trump’s public statements? first 100 days Since taking office, Donald Trump has issued multiple executive orders since January 20th, which have the potential to impact U.S. cryptocurrency policies. including one affecting stablecoins Nevertheless, numerous measures lack legal authority unless approved by Congress.

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The suggested GENIUS bill might effectively prevent any organization apart from a "permitted payment stablecoin issuer" from launching a payment stablecoin within the U.S. Additionally, the House of Representatives, which is similarly under Republican control, has introduced an accompanying bill known as the STABLE Act—short for Stablecoin Transparency and Accountability for a Better Ledger Economy.

Trump faces conflict of interest allegations regarding stablecoins and cryptocurrency investments.

On January 23rd, the President issued an executive order establishing a task force to examine the feasibility of forming and sustaining a nationwide cryptocurrency reserve along with setting up guidelines for stablecoins. Following this move, GOP legislators proposed two bills: the STABLE act and the GENIUS act.

Trump also introduced the order before World Liberty Financial, a crypto firm backed by the president’s family, launched its U.S.-dollar-pegged USD1 stablecoin . Many Democratic lawmakers said that Trump’s ties To the company, combined with his political clout and role, this situation might pose "an extraordinary conflict of interest that could lead to unparalleled dangers for our financial system" as Congress deliberates on the two stablecoin bills.

Magazine: Trump's forays into cryptocurrency spark concerns about conflicts of interest and insider trading.