The US "Stablecoin Regulation Act" Bipartisan Amendment Draft has been Submitted to the Senate

BlockBeats News, May 15th, According to crypto journalist Eleanor Terrett, the US Senate has received a draft text of a bipartisan amendment to the GENIUS Act. Two Senate insiders revealed that the amendment will include new content on consumer protection, bankruptcy proceedings, and ethical standards.

BlockBeats previously reported that on May 9th, the US Senate rejected the Stablecoin Innovation and Safety Act (GENIUS Act) by a vote of 48:49, with Democratic lawmakers collectively voting against advancing the bill. The bill aimed to establish the first US regulatory framework for stablecoins (digital tokens pegged to the US dollar and other fiat currencies). Democrats demanded explicit provisions to prohibit administration officials, including former President Trump and his family members, from holding or trading cryptocurrencies and to strengthen anti-corruption measures. According to two sources familiar with the matter, after passing through the committee, the bill has been modified as per the Democratic Party's requests, including retaining states' regulatory authority over foreign-issued stablecoins and expanding monitoring of suspicious transactions involving stablecoin users.