The US Senate considers regulatory framework for stablecoins, facing opposition and support from Senators.

From Yahoo Finance: 2025-06-16 06:30:00

The US Senate advanced the GENIUS Act, the first regulatory framework for stablecoins. The bill would allow banks and approved companies to issue stablecoins backed by a 1:1 reserve of cash or Treasurys. It has bipartisan support but faces opposition from Senators like Rand Paul, Elizabeth Warren, and Josh Hawley.

Senator Elizabeth Warren warns the GENIUS Act could trigger a financial crisis, citing past stablecoin failures. ARK Invest argues a turbocharged stablecoin could benefit the Federal Reserve by encouraging US Treasury holdings. The bill is set for a final vote soon and has generated interest from Amazon and Walmart.

Read more: Act of GENIUS or Blockheaded Bill? Congress Considers Stablecoins