US Senate Majority Leader Anticipates Stablecoin Vote Before May 26 — Report
US Senate Majority Leader John Thune has reportedly informed Republican lawmakers that the chamber plans to tackle a stablecoin regulation bill before the Memorial Day holiday on May 26.
As per a Politico report dated April 29, Thune made these remarks during a private meeting with Republican senators, who currently hold a narrow majority in the chamber. The Guiding and Establishing National Innovation for US Stablecoins (GENIUS Act) was introduced by Senator Bill Hagerty in February and subsequently passed through the Senate Banking Committee in March.
Thune did not mention any cryptocurrency or blockchain-related legislation in his public statements regarding US President Donald Trump’s inaugural 100 days in office. Since his inauguration on January 20, Trump has signed several executive orders that could influence US crypto policy, including one addressing stablecoins. However, many of these actions lack the force of law without congressional approval.
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The proposed GENIUS bill aims to limit the issuance of payment stablecoins in the United States to entities designated as “permitted payment stablecoin issuers.” The Republican-controlled House of Representatives has also put forward a corresponding bill: the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE Act).
Trump accused of conflicts of interest over stablecoins, crypto ventures
The executive order signed by the president on January 23 established a working group to explore the potential establishment and regulation of a national crypto stockpile and a framework for stablecoins. This initiative led Republican lawmakers to introduce the STABLE and GENIUS acts.
Additionally, the order was introduced shortly before World Liberty Financial, a cryptocurrency firm associated with the president’s family, launched its US-dollar pegged USD1 stablecoin. Many Democratic lawmakers have raised concerns that Trump’s connections to the firm, along with his political influence, could create an “extraordinary conflict of interest,” potentially leading to unprecedented risks for the financial system as Congress reviews the two stablecoin bills.
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