GENIUS Act Nears Approval in US Senate for Crypto-Focused Financial Reform

The Stablecoin GENIUS Act is on the verge of approval in the US Senate, with lawmakers and analysts expressing optimism about its passage. The bill aims to foster fair competition in the finance sector by leveraging cryptocurrency as a tool to level the playing field for small businesses, retail investors, and blockchain innovators.

According to sources, the bill is expected to be passed in the third week of May, with some speculating that it could even be approved as early as mid-May. Senator Cynthia Lummis has set a target date of May 26 for the bill's approval, a date that Senator Kirsten Gillibrand reportedly agrees with.

Despite opposition from anti-crypto senators, such as Senator Elizabeth Warren, and some Capitol Hill staff members, proponents of the bill believe that any modifications made will not affect its core aspects. The bill is seen as a legislative model that would deploy cryptocurrency to refine the banking and finance sector and boost President Donald Trump’s plan of making the US a global leader in cryptocurrency matters.

Key lawmakers, including Congressman French Hill, who chairs the House Financial Services Committee, agree that the bill is moving in the right direction and is on its way to becoming law. He expects both the GENIUS Act and related financial market structure bills to be ready for the President’s signature before the August recess.