<ul data-eligibleForWebStory="true"><li>The US Senate advanced the 'GENIUS Act' for regulating crypto stablecoins through a cloture vote.</li><li>Cloture is a procedural tool to hasten debate and move a bill to a final vote.</li><li>Senator Tim Scott expressed leadership in pushing for the bill's progress amidst bipartisan support.</li><li>Some Democrats, like Chuck Schumer, Amy Klobuchar, and Elizabeth Warren, opposed the bill; while others, such as Ruben Gallego, supported it.</li><li>The bill mandates stablecoins to be fully backed by US dollars or liquid assets and requires annual audits for issuers with a market cap over $50 billion.</li></ul>

US Senate Advances ‘GENIUS Act’ for Crypto Stablecoin Regulation

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