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Elizabeth Warren has moved to tighten the GENIUS Act, proposing an amendment barring sitting or former presidents and their families from profiting via stablecoins or wallet platforms. She says a late exemption could let Donald Trump’s USD1 venture avoid federal oversight. The post Warren Targets GOP’s Crypto Wallet Loophole in GENIUS Act – Will Her Amendment Block Trump’s Wallet Ambitions? appeared first on Cryptonews.

The Genius Act could boost the US dollar's dominance in Web3 by enforcing 1:1 stablecoin backing and compliance, according to a Foresight Ventures report. A key piece of US stablecoin legislation awaiting a full Senate vote may emerge as a net positive for the US dollar’s dominance in the digital asset economy. The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act aims to set clear rules for stablecoin collateralization and mandate compliance with Anti-Money Laundering laws. The passing of the bill may solidify the US dollar’s leading position in the Web3 economy, according to a May 29 report by Foresight Ventures. Read more

Tether CEO Paolo Ardoino told Bloomberg on Friday that the company is “open to” creating a separate domestic stablecoin to meet the needs of the U.S. market. The news comes amid the U.S. trying to push through a stablecoin legislation—the Guiding and Establishing National Innovation for US Stablecoins Act (GENIUS Act). The international issuer of […] The post Tether to issue separate stablecoin for U.S. despite ‘getting comfortable’ with the Genius Act, CEO says appeared first on CryptoSlate.

Senate Minority Leader Chuck Schumer will reportedly back efforts to amend the stablecoin bill to add guardrails against Trump crypto ties. Though a majority of members of the US Senate voted to advance a bill to regulate payment stablecoins on May 20, high-ranking Democrats are planning to propose an amendment to the legislation to address President Donald Trump’s connections to the cryptocurrency industry. According to a May 22 Axios report, Senate Minority Leader Chuck Schumer and Senators Elizabeth Warren and Jeff Merkley will file an amendment to the Guiding and Establishing National Innovation for US Stablecoins Act, or GENIUS Act, to block a US president from profiting from stablecoins. The proposed amendment would come after 18 Democrats sided with Republicans in the Senate in voting to advance the bill on May 20 after it failed a procedural vote on May 8. “Passing the GENIUS Act without our anti-corruption amendment stamps a Congressional seal of approval on Trump selling access and influence to the ...

US lawmakers advanced two blockchain-related legislative efforts on May 21, approving the GENIUS Act for debate and reintroducing the Blockchain Regulatory Certainty Act in the House. Lawmakers voted 69–31 to approve a motion to proceed on the Government and Enterprise Need for Innovation in the United States Act, or GENIUS Act, allowing formal debate and […] The post GENIUS Act clears Senate motion, House lawmakers reintroduce Blockchain Certainty Act appeared first on CryptoSlate.

The GENIUS Act would legitimize stablecoins for institutional adoption and set a precedent for other global jurisdictions, according to the managing partner of DWF Labs. Stablecoin adoption among institutions could surge as the United States Senate prepares to debate a key piece of legislation aimed at regulating the sector. After failing to gain support from key Democrats on May 8, the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act passed the US Senate in a 66–32 procedural vote on May 20 and is now heading to a debate on the Senate floor. The bill seeks to set clear rules for stablecoin collateralization and mandate compliance with Anti-Money Laundering laws. Read more

The US Senate voted 66-32 in a procedural vote to move forward the stablecoin-regulating GENIUS Act, which will head to a debate on the Senate floor. The US Senate has voted to advance a key stablecoin-regulating bill after Democrat Senators blocked an attempt to move the bill forward earlier in May over concerns about President Donald Trump’s sprawling crypto empire. A key procedural vote on the Guiding and Establishing National Innovation for US Stablecoins Act, or GENIUS Act, passed in a 66-32 vote on May 20. Several Democrats changed their votes to pass the motion to invoke cloture, which will now set the bill up for debate on the Senate floor. Read more

The US Senate is expected to vote on the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act today at approximately 8 P.M. EDT. However, its unclear whether the bill will pass or continue to face delays. The GENIUS Act seeks to establish a federal regulatory framework for payment stablecoins, but has faced hurdles in […] The post US Senate to vote on GENIUS stablecoin bill despite political divide appeared first on CryptoSlate.

Progressive group Our Revolution is mobilizing lawmakers and grassroots members in a national organizing call to stop what it calls an alleged sweeping “crypto power grab” led by President Donald Trump and his congressional allies. According to the press release shared with CryptoSlate, Senators Elizabeth Warren and Jeff Merkley will headline the virtual event on […] The post Senators Warren, Merkley to headline national call opposing Trump’s GENIUS Act appeared first on CryptoSlate.

The Senate denied the motion to invoke cloture on the motion to consider the GENIUS Act bill, which aims to regulate stablecoins in the US. The decision came with a one-vote difference, as 49 Democrat senators denied the motion against 48 favorable votes.  Senate Majority Leader John Thune accused Democrats of using the filibuster for […] The post GENIUS Act stalls in Senate, lawmakers eye new proposal next week appeared first on CryptoSlate.