The U.S. "GENIUS" stablecoin bill has passed voting and entered the final debate and vote in the Senate.

THE U.S. SENATE SUCCESSFULLY PUSHED FORWARD THE PROCEDURAL VOTE ON THE GENIUS BILL, ONCE AGAIN ADVANCING STABLECOIN REGULATION, BUT BEFORE IT BECOMES LAW, MEMBERS OF CONGRESS STILL NEED TO DEBATE AND AMEND THE NEXT STEP. (Summary: Payment giant Stripe launched a "stablecoin account" to support USDC and USDB, open to more than 100 countries, is it available in Taiwan?) (Background supplement: US stablecoin legislation urgent" Democratic Party brakes: GENIUS law has loopholes, crypto-friendly policies become Trump's self-fattening tool) The GENIUS Act, which aims to regulate the stablecoin market, failed to pass in a procedural vote on May 8 due to Democratic concerns about consumer protection and national security provisions, as well as opposition from some Republican lawmakers. However, yesterday (19th), the Senate successfully advanced the GENIUS bill after another vote, clearing key procedural obstacles to the establishment of a clear regulatory framework for US stablecoins. A person familiar with the matter said: The latest version of the bill is enough to address some earlier Democratic concerns. Although the changes were modest, they managed to win the support of some Democratic lawmakers who had previously opposed them, including Senators Ruben Gallego and Mark Warner, who announced their support before the vote. WHAT'S NEXT FOR THE GENIUS STABLECOIN BILL? The Senate moved forward with the GENIUS bill (procedural vote) by a vote of 66 in favor and 32 against, with 16 Democratic senators voting in favor along with Republicans. As a next step, the bill is expected to enter the Senate late Tuesday or Wednesday for a final vote on debates and amendments. It is worth noting that the US House of Representatives is also pushing another digital asset market regulation bill, which is proposed by the Republican Party of the House of Representatives, which intends to expand the regulatory authority of the US Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) on crypto assets and establish a clearer registration and fundraising process. SOME LEGISLATORS HAVE SUGGESTED THAT CONSIDERATION SHOULD BE GIVEN TO MERGING THE GENIUS STABLECOIN BILL WITH THE MARKET REGULATION ACT TO DEVELOP A COMPLETE FEDERAL CRYPTO REGULATORY FRAMEWORK. Therefore, it remains to be seen whether the follow-up of the bill will be the progress of the final legislation, whether it can effectively resolve all disputes, and the future direction of the Trump administration's digital asset policy. (The Senate must send it to the House of Representatives after it passes, but since Republicans have a majority in the House, it is not expected to be hindered much) The core content and controversy of the GENIUS Act is to establish a regulatory framework for stablecoins and their issuers, requiring issuers to obtain licenses and maintain sufficient reserves, comply with the Bank Secrecy Act, implement anti-money laundering measures, require 1:1 support for US dollar assets, and introduce consumer protection provisions. Under the global trend of "de-dollarization", this bill is regarded as the key to supporting the dollar stablecoin and consolidating the hegemony of the dollar. Notably, the bill allows non-banks that issue stablecoins up to $10 billion to be regulated at the state level, while larger issuers are subject to federal level regulation. The bill was blocked because some Democratic lawmakers remained concerned about its inadequate consumer protections and pointed to potential loopholes related to the Trump family's business interests. Related reports Payment giant Stripe launched a "stablecoin account" to support USDC and USDB, open to more than 100 countries, is it available in Taiwan? Meta crypto payment blockbuster return? FB, IG internal beta stablecoin payment, Zuckerberg's blockchain ambition "The US "GENIUS" stablecoin bill passed the vote and entered the final debate and vote in the Senate" This article was first published in BlockTempo's "Dynamic Trend - The Most Influential Blockchain News Media".