CRYPTO: Senate Expected To Hold Second Vote On Stablecoin Bill Appox 17:30 ET

The United States Senate is expected to hold a procedural vote at around 17:30 ET 22:30 BST on the 'GENIUS Act', a landmark bipartisan crypto bill to regulate stablecoins. The bill has been revised after Democrats blocked a first attempt at passing the bill earlier this month, citing concerns over big tech firms issuing their own stablecoins and the Trump family's business dealings with the crypto industry.  

• Barron's notes: "Among other provisions, the bill would require stablecoins, whose value is typically pegged to the dollar, to hold reserves of liquid, safe assets like Treasury bills. Issuers would also have to follow anti-money-laundering and terrorism finance rules and to give holders of coins priority to recoup their money in a bankruptcy."
• Democrat negotiators noted in a memo late last week that the revised legislation strengthens "provisions on anti-money laundering, foreign issuers, national security safeguards, consumer protection," and includes, "measures to preserve the safety and soundness of our financial system.”
• The memo added that Democrats have received "assurances" from Republicans on other outstanding issues, includuing limitations on big tech firms issuing stablecoins, expanded prohibitions on interest-bearing stablecoins and “a broad savings clause guaranteeing the application of existing federal consumer protection laws, including but not limited to protections stemming from the Consumer Financial Protection Bureau and the Federal Trade Commission,” per Politico.