U.S. Senate to Address Stablecoin Regulation Before Memorial Day

According to Cointelegraph, U.S. Senate Majority Leader John Thune has informed Republican lawmakers that the Senate plans to address a bill on stablecoin regulation before the Memorial Day holiday on May 26. This announcement was reportedly made during a closed-door meeting with Republican senators, who currently hold a narrow majority in the chamber. The bill in question, known as the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, was introduced by Senator Bill Hagerty in February and successfully passed the Senate Banking Committee in March. Thune did not publicly discuss any crypto or blockchain-related legislation during his comments on U.S. President Donald Trump’s first 100 days in office. Since his inauguration on January 20, President Trump has signed several executive orders that could potentially impact U.S. crypto policy, including one specifically related to stablecoins. However, many of these actions require congressional approval to become law. The GENIUS Act aims to limit the issuance of payment stablecoins in the United States to entities classified as “permitted payment stablecoin issuers.” Meanwhile, the House of Representatives, also under Republican control, has introduced a companion bill called the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act. President Trump has faced accusations of conflicts of interest concerning stablecoins and his crypto ventures. An executive order signed on January 23 established a working group to explore the potential creation and management of a national crypto stockpile and a regulatory framework for stablecoins. Following this, Republican lawmakers introduced the STABLE and GENIUS acts. Additionally, President Trump issued the order before World Liberty Financial, a crypto company supported by his family, launched its USD1 stablecoin, pegged to the U.S. dollar. Several Democratic lawmakers have expressed concerns that Trump’s connections to the firm, combined with his political influence and position, could pose a significant conflict of interest, potentially leading to unprecedented risks to the financial system as Congress deliberates on the stablecoin bills.