U.S. Senate Advances Stablecoin Bill in Key First Step

The U.S. Senate Banking Committee has approved a bill to regulate stablecoin issuers, marking a significant step toward federal oversight of the cryptocurrency industry. The bill, known as the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), passed with an 18-6 vote and now moves to the full Senate for consideration.