The U.S. Senate will hold a key vote tonight on the stablecoin regulation bill, the GENIUS Act

ChainCatcher news reports that, according to Punchbowl News, the U.S. Senate is expected to hold a key procedural vote on the stablecoin regulatory bill, the GENIUS Act, as early as the evening of May 19 local time. The bill, introduced by Senator Bill Hagerty, aims to require stablecoin issuers to hold safe and highly liquid assets as reserves and comply with anti-money laundering regulations.

Although the bill previously received bipartisan support in the Senate Banking Committee, it failed to pass in the vote on May 8, primarily due to concerns from Democrats about the Trump family's connections to crypto assets. Currently, Senator Mark Warner and others are pushing for amendments to the bill in hopes of reaching a consensus between the two parties.