TechFlow, May 7 — According to The Block, the U.S. Senate is set to hold a key vote on Thursday for the GENIUS stablecoin bill. The bill requires stablecoins to be fully backed by liquid assets such as U.S. dollars and short-term Treasury securities. As 60 votes are needed for passage, Republicans will need Democratic support. Currently, several Democratic senators have expressed opposition due to concerns over foreign ownership regulations and insufficient anti-money laundering provisions, while divisions also exist within the Republican party. Meanwhile, Democrats are launching an investigation into Trump's ties with the cryptocurrency industry.
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