Republican and Democratic senators in the US have reached an agreement in principle on the long-debated cryptocurrency regulation GENIUS Act. The bipartisanship comes as the bill, designed to create a modern regulatory framework for cryptocurrencies, especially stablecoins pegged to assets like the US dollar, faces new political challenges. While the final text is not yet public, Democrats have requested more time to consult members, even as Republicans push for a vote within the week.
The GENIUS Act gained momentum after passing the Senate Banking Committee with bipartisan support in March. However, recent weeks have seen fading Democratic enthusiasm, linked to concerns about Donald Trump and his family's business involvement in crypto. These concerns intensified following reports of a planned $2 billion stablecoin purchase by an Abu Dhabi-backed company investing in a Trump family-owned crypto firm, World Liberty Financial, with funds destined for the Binance exchange.
Amid these developments, Democrats seek further regulation prohibiting elected officials and their families from trading crypto assets. Final passage and implementation of the GENIUS Act remain contingent on ongoing negotiations and imminent political decisions in the Senate.