PANews reported on May 7 that the U.S. Senate will vote on the GENIUS Stablecoin Act on Thursday. The bill requires that stablecoins must be fully backed by assets such as the U.S. dollar and short-term Treasury bonds. Since at least 60 votes are needed to pass, the Republicans need to win the support of some Democratic lawmakers, but some lawmakers in both parties are currently opposed to the bill.

Democratic lawmakers believe that the bill needs stricter regulatory measures, especially for foreign stablecoin issuers and anti-money laundering provisions. At the same time, some Republican lawmakers have questioned whether the bill is necessary.

In addition, the Democratic Party has also launched an investigation into former President Trump’s relationship with the cryptocurrency industry, further increasing the complexity of the bill’s advancement. The results of this vote will have an important impact on the U.S. stablecoin regulatory policy.

Earlier news, Senator Lummis announced his support for the GENIUS Act to regulate the stablecoin market .