<ul data-eligibleForWebStory="true"><li>The U.S. Senate backs the GENIUS Act, a crypto bill aiming to regulate stablecoins, with 67 senators supporting the bill.</li><li>The bill mandates that stablecoins must be backed 1:1 by U.S. dollar reserves and requires KYC and AML policies.</li><li>The bill does not regulate Trump's USD1 stablecoin, raising concerns about potential conflicts of interest for presidential family projects.</li><li>Democrats express worry over gaps in the bill, highlighting the need for transparency and conflict-of-interest provisions.</li><li>Senator Elizabeth Warren criticizes the bill for not addressing what she sees as unregulated power wielded by Trump's project.</li><li>Despite internal disagreements, the GENIUS Act gains traction as high-profile Democrats Mark Warner and Adam Schiff shift their stance to support regulation.</li><li>The Senate has a 53-47 majority in favor of the bill, with potential impacts on the stablecoin market projected to reach $2 trillion by 2028.</li><li>Lawmakers anticipate House amendments to address concerns and enhance the bill before it reaches the president's desk.</li></ul>

Senate Crypto Bill Advances, But Trump’s Stablecoin Faces No Limits

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