The US Senate will vote on the crucial GENIUS stablecoin bill on Thursday

The US Senate will vote on the GENIUS stablecoin bill on Thursday. The bill requires that the stable currency must be fully supported by assets such as the US dollar and short-term treasury bond bonds. Due to the need for at least 60 votes to pass, the Republican Party needs to win the support of some Democratic lawmakers, but currently, some members within both parties are opposed to the bill. Democratic lawmakers believe that the bill requires stricter regulatory measures, especially targeting foreign stablecoin issuers and anti money laundering provisions. At the same time, some members of the Republican Party have expressed doubts about the necessity of the bill. In addition, the Democratic Party has launched an investigation into former President Trump's relationship with the cryptocurrency industry, further increasing the complexity of the bill's implementation. The results of this vote will have a significant impact on the regulatory policies of stablecoins in the United States. Earlier, Senator Lummis announced his support for the GENIUS Act to regulate the stablecoin market.