The US Senate is preparing to vote on a revised GENIUS Act, a stablecoin bill updated to address Democratic concerns over anti-money laundering, oversight gaps, and enforcement. Key amendments strengthen financial integrity, consumer protection, and bar non-financial publicly traded companies like Meta and Google from issuing stablecoins without strict conditions. The bill also clarifies that stablecoins lack federal insurance protections. Crypto advocacy groups, including Coinbase-backed Stand With Crypto, are mobilizing support, urging regulatory clarity. The revised bill aims to balance innovation with traditional financial safeguards.
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0 in Finance and 0 in Crypto last weekSenate Votes to Repeal IRS Rule on Decentralized Finance Regulation
The U.S. Senate passed a bipartisan resolution to deregulate IRS oversight of the decentralized finance (DeFi) sector, with a 70-27 vote led by Senator Ted Cruz. The IRS rule, which aimed to classify DeFi trading services as “brokers” and impose compliance requirements, faced criticism for threatening the decentralized nature of the industry.Supporters of the repeal, including the Blockchain Association and Coinbase, view this as a significant step toward fostering innovation in blockchain finance. The resolution now awaits approval from the House of Representatives and the President to solidify DeFi’s legal standing in the U.S.
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