U.S. Senate to Debate Stablecoin Regulation Act Amid Lobbying Efforts

According to BlockBeats, the U.S. Senate is set to debate the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, a proposed legislation focused on stablecoin regulation. Cryptocurrency lobbying groups are urging senators to expedite the passage of the act, expressing concerns that amendments related to credit card fees might delay its progress. The act successfully passed a procedural vote in May and is anticipated to secure enough votes in the Senate this week before moving to the House of Representatives. Organizations such as the Blockchain Association, Crypto Council for Innovation, Digital Chamber, and DeFi Education Fund have issued a joint statement. They emphasize that the primary goal of the legislation is to provide a comprehensive regulatory framework for stablecoins and are calling on lawmakers to maintain momentum in advancing the bill.