US Republican Senate Leader Submits Final Draft of GENIUS Act... Re-vote Scheduled for the 19th
Summary
- John Thune, the Republican Senate Leader, announced the resubmission of the final draft of the stablecoin regulation bill, the 'GENIUS Act'.
- The amendments reportedly include prohibiting the use of 'America' related terms and restricting big tech's stablecoin issuance.
- The direction of stablecoin market regulation in the US is expected to be determined based on the re-vote outcome.
On the 15th (local time), Eleanor Terrett, host of Crypto in America, announced on X (formerly Twitter) that John Thune, the US Republican Senate Leader, has resubmitted the final draft of the stablecoin regulation bill, the 'GENIUS Act', and that the bill is scheduled for a re-vote on May 19th.
The GENIUS Act did not pass the Senate floor vote on the 9th but has been reintroduced with some amendments.
The amendments reportedly include prohibiting the use of 'America' related terms in stablecoin names and restricting stablecoin issuance by non-financial listed companies and big tech (Meta, Amazon, Google, Microsoft). These provisions apply if financial risks, consumer data protection, and fair competition requirements are not met.
Depending on the outcome of the re-vote, the direction of stablecoin market regulation in the US is expected to become clearer.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
