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The US Senate is set to vote on the GENIUS Act, a bill aimed at establishing federal oversight for stablecoins. The legislation faces opposition over concerns of loopholes and insufficient safeguards, while supporters argue it’s vital for financial innovation and dollar dominance.
- The GENIUS Act aims to establish the first federal regulatory framework for payment stablecoins, addressing a $250 billion market.
- Opponents argue the bill contains loopholes for political figures (e.g., Trump) and offshore issuers like Tether, risking consumer protections.
- Supporters, including industry groups and some Democrats, claim the bill is essential for US financial innovation and dollar dominance.
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