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GENIUS steblecoin act, after approval by the Senate Banking Committee, now awaits approval by the full Senate, while another stablecoin bill is being worked on in the House, with both versions expected to be eventually merged

The Senate Banking Committee voted 18-6 to advance the GENIUS stablecoin act to the full Senate voting with partial Democrat support

GENIUS stablecoin act was supported by crypto industry, including the Blockchain Association, which praised it as a thoughtful step forward in establishing commonsense and responsible guardrails for stablecoin innovation

GENIUS stablecoin act was criticized by some Democrat members of the Senate Banking Committee, led by Senator Elizabeth Warren for failing to protect consumers, competition, and potential threat to national security by allowing big tech firms to issue their own stablecoins that could compete with the U.S. dollar

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