Senate Republicans push stablecoin bill as Democrats stall

Senate Majority Leader John Thune called for advancing the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which would create a regulatory framework for stablecoin issuers. This marks Thune’s first significant involvement in crypto legislation. Although the bill passed the Senate Banking Committee with bipartisan support (18-6), Democrats, once supportive, are now resisting further debate due to concerns about former President Trump's crypto business interests. A cloture vote is scheduled for 1:45 p.m. and requires 60 votes to proceed. Thune argued that the legislation would provide clarity for innovators, establish anti-money laundering safeguards and protect consumers, CoinDesk reported.