This is a second attempt to pass the GENIUS stablecoin bill in US Senate on stablecoins, as previous attempt failed due to a disagreement on if state regulators were to regulate stablecoins

Quotes that support claims

The bill advanced out of the Republican-led committee last year but has not gained much traction. At the time, Waters called the bill "deeply problematic" due to a provision that allows state regulators to approve stablecoin issuances without Federal Reserve input.

The distinction between federal and state regulators had been the main sticking point when Democrats and Republicans sought to work out a compromise bill on stablecoins in the previous Congress, and any new version will still have to thread a bipartisan needle