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Senate Moves Closer to Finalizing GENIUS Act for Stablecoins – Coincu
By: bitcoin ethereum news|2025/05/16 09:30:06
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Consensus reached on 90% of stablecoin bill; ethical concerns remain. 100% reserve backing mandated for issuers with audits for larger firms. Democrats require stricter controls over stablecoin interests for officials. Senate negotiators are close to agreeing on the GENIUS Act, with consensus reached on 90% of its terms. The bill’s broader implications could reshape stablecoin regulation, influencing market trust and operations. Negotiations on the GENIUS Act , a significant U.S. stablecoin bill, have progressed, with 90% of terms agreed upon. Key issues involve ethical standards for government-related figures and requirements for public companies issuing stablecoins. Actions involved discussions between U.S. Senators and crypto industry leaders. 90% Consensus Reached on GENIUS Act Terms Despite the positive advances , the remaining 10% of unresolved concerns relate to conflicts of interest involving public officials engaging in stablecoin businesses. Institutional shifts emphasize the 100% reserve backing requirement, heralding increased regulatory scrutiny for foreign issuers. “I’m very optimistic a vote on the bill could happen soon ... [senators] from across the country contributed to making the stablecoin bill better,” said Senator Kirsten Gillibrand. Market responses include cautious optimism, indicated by the narrow fluctuation of stablecoin prices like USDT. Key statements issued by Senator Kirsten Gillibrand highlight the necessity for bipartisan backing, with Democrats insisting on stricter restrictions on stablecoin holdings by government officials. Stablecoin Regulations: Shaping Market Trust and Operations Did you know? Last negotiations over stablecoin rules faced similar conflicts back in 2023, highlighting how major reforms often stall over ethical and transparency concerns. According to CoinMarketCap, Tether USDt (USDT) maintains a stable price at $1.00 with a market cap of $150.69 billion as of May 15, 2025. Key statistics show USDT’s 24-hour trading volume at $90.17 billion, reflecting minor price shifts over the past few months. Tether USDt(USDT), daily chart, screenshot on CoinMarketCap at 23:50 UTC on May 15, 2025. Source: CoinMarketCap Coincu research suggests a pivotal impact of these regulations on global financial structures , enhancing market stability and trust. Improved transparency measures may encourage broader institutional adoption , while technology advancements remain crucial for future adherence to regulatory standards. Source: https://coincu.com/337841-senate-nears-genius-act-consensus/
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