The U.S. Senate has set a final passage vote for 4:30 p.m. Eastern on Tuesday, June 17
The U.S. Senate has set a final passage vote for 4:30 p.m. Eastern on Tuesday, June 17, on the Generational Innovation for United States Stablecoins (GENIUS) Act, a bipartisan measure intended to establish federal oversight of dollar-pegged cryptocurrencies.
Draft text circulating among lawmakers would require stablecoin issuers to obtain federal or state licenses and maintain strict reserve, audit and disclosure standards, according to supporters of the bill. Backers say the framework is designed to protect consumers while giving regulated issuers clearer access to U.S. payment rails.
Republican Senator Bill Hagerty, a leading sponsor, said approving the legislation would “propel America’s payment system into the 21st century.” Venture capitalist David Sacks called the proposal “the first bipartisan legislation that’s able to pass in years,” underscoring its rare cross-party backing in the current Congress.
If the GENIUS Act clears the Senate on Tuesday, it will move to the House of Representatives for consideration later this year, keeping Washington’s broader push to regulate digital assets on track.
This is an AI-generated article powered by DeepNewz, curated by The Defiant. For more information, including article sources, visit DeepNewz.
