The US Senate has voted in favor of a key bill regulating stablecoins, after Democratic senators initially blocked it due to their concerns about former President Donald Trump's involvement in the crypto sector.
The procedural vote on the Guiding and Establishing National Innovation for US Stablecoins Act, or GENIUS Act, passed 66-32 on May 19.
Democrats Mark Warner, Adam Schiff and Ruben Gallego changed their votes, allowing the motion to invoke cloture and move the bill to the full Senate for debate.
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Republican Senator Cynthia Lummis, a leading proponent of the bill, stated on May 15 that her goal is to have the GENIUS Act passed before Memorial Day, May 26.
Earlier, on May 8, several Democrats withdrew their support, blocking the bill's progress, due to concerns about potential conflicts of interest with Trump's cryptocurrency-related activities and the bill's anti-money laundering measures.