The Senate is set to approve the GENIUS Act, a bipartisan bill aimed at regulating stablecoins, a type of cryptocurrency linked to the U.S. dollar. With support from 18 Democratic senators, the legislation signifies a growing acknowledgment of the crypto industry's influence in U.S. politics. The bill features consumer protections and prohibits Congress members and their families from profiting from stablecoins, although it notably does not apply to the president. This move may reassure consumers amid a more extensive wave of upcoming crypto legislation.
We weren't able to include certainly everything we would have wanted, but it was a good bipartisan effort.
This is an unregulated area that will now be regulated.
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