U.S. Senate Majority Leader moves to fast-track stablecoin regulation

U.S. Senate Majority Leader John Thune has initiated procedures to expedite a vote on the GENIUS Act, a bill designed to establish a federal regulatory framework for stablecoins, according to Decrypt. Introduced by Senator Bill Hagerty, the legislation outlines a structure allowing stablecoin issuers to be overseen by either state or federal regulators. However, some representatives from the U.S. banking sector have reportedly raised concerns that the bill could pose risks to the traditional financial system.