Senate Advances Key Stablecoin Legislation

The U.S. Senate has taken a significant step towards regulating stablecoins by voting to advance the GENIUS Act. The bill would ensure stablecoins are fully backed by U.S. dollars or similar assets and require audits for large issuers. Concerns remain over Donald Trump's ties to crypto and foreign issuer provisions. Though opinions are divided, some Democrats shifted to support the bill after negotiations addressing ethics and big tech. Congressional focus on this legislation forms part of broader efforts to regulate digital assets.