Senate on track to pass landmark crypto regulation bill
Washington — The Senate is moving toward final passage on a landmark piece of legislation to regulate crypto after a bumpy path through the upper chamber.
The bill, known as the GENIUS Act, would establish a regulatory framework for the $250 billion market for stablecoins, a type of cryptocurrency tied to the value of an asset like the U.S. dollar.
It advanced out of the Senate Banking Committee in March with bipartisan backing, but bled Democratic support weeks later when it was revealed that an Abu Dhabi-backed firm would use $2 billion in stablecoin purchased from Trump family-linked crypto firm, World Liberty Financial, to invest in Binance.
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