U.S. lawmakers to finalize the vote on the stablecoin GENIUS bill on May 19

PANews May 16th news, according to Coingape, U.S. Senate Majority Leader John Thune has officially submitted a motion to end the GENIUS Act and is scheduled to vote on May 19th. This stablecoin regulatory bill requires that issuers with assets exceeding $10 billion are regulated by the Federal Reserve, and small institutions are regulated by the state; all stablecoins must be fully supported by assets such as US dollars or Treasury bonds. The latest bipartisan amendment plans to add three clauses: 1) stricter rules for technology companies to get involved in financial assets; 2) Strengthen consumer protection mechanisms; 3) Strengthen supervision of government officials (including Musk and others). The House of Representatives has previously passed a similar STABLE Act, requiring USDT and other stablecoin issuers to operate completely transparently.

If the bill is passed, it will become the first federal legislative framework for stablecoins in the United States. Senate sources revealed that the amendment includes explicit prohibition on the abuse of FDIC insurance and strengthening bankruptcy protection clauses to win cross-party support. The results of this vote will directly affect the regulatory trend of the United States in the field of digital assets.