TechFlow, May 20 — According to Blockworks, the U.S. Senate passed a key procedural vote on the Republican-backed GENIUS Act by a 60-29 vote, advancing the bill to a full chamber vote. The legislation aims to establish a regulatory framework for stablecoins, with the latest draft requiring foreign stablecoin issuers outside the financial services sector to obtain unanimous approval from the Stablecoin Certification Review Committee, and modifying data-sharing provisions. Nonetheless, some Democrats, including Senator Elizabeth Warren, oppose the bill, calling it "worse than no bill." The final vote could take place within this week.
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