The Republican-sponsored GENIUS Act, which seeks to attach regulatory pointers for stablecoins, has handed a key procedural vote within the US Senate.
The legislation is now certain to come to a beefy ground vote. The cloture vote handed 60-29 on Monday evening.
The passage comes after a cloture vote on the GENIUS Act failed earlier this month in a Forty eight-49 vote.
Senators occupy been negotiating parts of the invoice over the previous couple of weeks, people conversant in the topic told Blockworks.
The most fresh draft of the invoice states that international stablecoin issuers now now not predominantly engaged in monetary services actions must be unanimously permitted by the Stablecoin Certification Review Committee, in keeping with a copy of the draft obtained by Blockworks.
The brand new draft also updates one of the well-known language around files sharing, declaring that stablecoin issuers are permitted to portion consumer files handiest when wanted to follow present licensed pointers or correct necessities.
Some Democrats, nonetheless, are aloof sad with the brand new language, which has now now not been launched publicly. Sen. Elizabeth Warren, a longtime critic of crypto-friendly legislation, told Senators forward of the vote that the GENIUS Act, because it currently stands, is “worse than no invoice at all.”
