A proposed law to establish a US regulatory framework for stablecoins may soon head back to the floor after Senate negotiators reportedly resolved some disagreements on the provisions of the bill.
The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act hit a roadblock earlier this month after a group of Democrats objected to the bill, arguing that the potential legislation had numerous issues that needed to be addressed.
“While we are eager to continue working with our colleagues to address these issues, we would be unable to vote for cloture should the current version of the bill come to the floor.”
Politico reports progress in the bipartisan negotiations on the landmark bill. A memo distributed to Democratic offices says that while some issues remain outstanding, party negotiators managed to reach a deal on a range of critical issues, including those related to anti-money laundering, foreign issuers, national security safeguards, consumer protection and safety and soundness of the financial system.
“The bill has made substantial bipartisan progress since introduction and especially in the last week, these changes from the Rule 14 version lay the foundation for a safer, more secure framework.”
The negotiators are now circulating a revised version of the bill, which may potentially advance the legislation.
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