Stablecoin Bill Nears US Senate Vote

US Senate Nears Vote on GENIUS Act Amid Key Amendments

• The US Senate may pass the GENIUS Act by the end of the week if consensus is reached.
• Senators will vote on amendments, including a disclosure requirement for government officials.
• A proposal to ban Chinese ownership of stablecoin issuers is under consideration.
• The Credit Card Competition Act (CCCA) threatens to derail the GENIUS Act’s passage.
• Senator Thom Tillis opposes merging CCCA with the stablecoin bill.

The US Senate is poised to vote on the GENIUS Act, with key amendments like a ban on Chinese ownership of stablecoin issuers. However, an attempt to merge it with the Credit Card Competition Act could hinder its progress.