ChainCatcher news, according to Cointelegraph, the U.S. Senate is currently negotiating amendments to the bipartisan GENIUS Act, with a vote possibly taking place as early as June 9.

ChainCatcher news, according to Jinshi Data reports, the CEO of global payment giant MoneyGram stated that the stablecoin legislation will be a huge breakthrough for business development.

ChainCatcher news, according to CoinDesk, Wyoming Republican Senator Cynthia Lummis revealed at the Bitcoin 2025 conference that the GENIUS stablecoin bill has entered the final review stage in the Senate. The bill passed a procedural vote last week with over 60 votes, but faced setbacks due to opposition from Democratic leader Elizabeth Warren and some Republicans. If ultimately passed, this would be the first successful piece of legislation from the Senate Banking Committee in eight years.Lummis and her co-sponsor Kirsten Gillibrand (Democrat) have conducted extensive behind-the-scenes negotiations. Tennessee Senator Bill Hagerty pointed out that this would be the most bipartisan bill from the committee in over a decade, but criticized Warren for deliberately delaying the legislative process. Lummis admitted that the Senate has lost its "legislative momentum" and hopes to draw on the experience of the House's passage of the FIT21 bill last year to advance subsequent cryptocurrency market regulatory legislation.

ChainCatcher news, according to The Block, crypto mogul David Sacks stated on CNBC that the GENIUS stablecoin bill is expected to pass, potentially creating trillions of dollars in demand for the U.S. Treasury "almost overnight."The bill requires stablecoins to be fully backed by U.S. Treasury securities or dollar equivalents and imposes registration and auditing requirements on large issuers with a market capitalization exceeding $50 billion. Despite concerns from some lawmakers about the Trump family potentially benefiting, Sacks emphasized that the bill has garnered significant bipartisan support, with 15 Democrats voting in favor, as it will provide a "more efficient, cheaper, and smoother payment system" and expand the online dominance of the dollar.Currently, the stablecoin market has reached a size of $200 billion, with Tether holding nearly $120 billion in U.S. Treasury securities, surpassing Germany to become the 19th largest holder globally.

ChainCatcher news, according to Eleanor Terrett, the GENIUS stablecoin bill ultimately passed the motion to end debate on the GENIUS stablecoin bill by a vote of 66 to 32, marking the official start of the bill's review process, but the bill itself has not yet been passed.

ChainCatcher news, FOX Business reporter Eleanor Terrett stated that the U.S. Senate voted to pass the "cloture motion" to formally consider the GENIUS Act, with at least 15 Democratic senators changing their positions to vote in favor, including Cortez Masto, Adam Schiff, Mark Warner, and others. The bill will now enter the full consideration process.

ChainCatcher news, according to Semafor, a source familiar with the matter stated that after a previous attempt failed, U.S. Senators are expected to vote again tonight to advance legislation aimed at establishing rules for stablecoins.Another source mentioned that Senate Minority Leader Schumer held a conference call with all party members on Sunday to discuss the yet-to-be-released text, which includes reforms sought by the Democrats. However, these adjustments are still insufficient to win the support of progressives like Massachusetts Democratic Senator Elizabeth Warren. He released a memo stating that the latest version of the ban does not target the relevant digital assets, "fueling Trump's cryptocurrency corruption."A third source indicated that negotiations regarding potential additional amendments are ongoing, with banks privately expressing their concerns, including whether issuers have the ability to pay interest.

ChainCatcher news reports that the Northern Mariana Islands legislature overwhelmingly overturned the governor's veto on May 16, officially approving the issuance of the government-backed stablecoin "Mariana Dollar" (MUSD). The bill stipulates that MUSD will be fully backed 1:1 by U.S. dollars and government bonds held by the government, and will be issued on the eCash blockchain.Marianas Rai Corporation, a technology company from Tinian, has been designated as the exclusive technology partner. The local government stated that this is not only a financial innovation but also part of an economic revitalization strategy, with accompanying measures in the bill including the issuance of internet casino licenses.Meanwhile, Wyoming has also passed a similar bill to prepare for the issuance of the "Wyoming Stable Token." Analysts point out that if MUSD can be launched before July, it will become the first stablecoin issued by a local government in the United States, and its market performance will provide important references for subsequent policies.Experts believe that the competition between these two regions may influence the legislative process for digital currencies in the United States, but technical implementation and compliance operations still face challenges. The federal government's attitude towards such local stablecoin projects will become a focal point of future attention.

ChainCatcher News: The U.S. Senate plans to pass the "National Innovation Stablecoin Guidance and Establishment Act" (GENIUS Act) as early as May 26. This bill aims to establish a federal regulatory framework for stablecoins. Previously, Democrats had blocked its advancement on May 8 due to concerns that the bill could allow former President Trump and his family to benefit from cryptocurrency projects. To reach a consensus, the bill has removed provisions targeting the Trump family.

ChainCatcher news, according to Bloomberg, bipartisan senators in the U.S. are accelerating the push for a "rebirth" of stablecoin legislation supported by the crypto industry. Previously, the legislation was stalled due to controversies surrounding Trump's crypto investment portfolio. The primary Republican sponsor, Tennessee Senator Bill Hagerty, stated at the Capitol that both parties are continuing to advance the legislation, hoping for a vote by the Democrats before the holiday recess on May 26, as the Senate will focus on the Republican tax plan. He bluntly said, "It's time to see if reason can prevail."Progressive Democrats like Elizabeth Warren are pushing to ban officials like Trump from profiting from crypto investments during their terms, which has been rejected by Republicans. Chuck Schumer and others have complained that there is no public text for the bipartisan compromise. The primary Democratic sponsor, Maryland Senator Angela Alsobrooks, stated that senators are working hard, and she and four other Democrats have voted in favor in the Banking Committee. In the Senate, most legislation requires 60 votes, making Democratic support crucial. Executives from the crypto industry, such as the CEO of Coinbase, are pushing to resolve the deadlock, and the digital asset industry spent heavily last year to elect crypto-friendly lawmakers, a trend that may continue into the 2026 midterm elections.

ChainCatcher news, according to Cointelegraph, the Senate of the Northern Mariana Islands overturned Governor Arnold Palacios's veto of the Stablecoin Act with a vote of 7:1. The bill will be submitted to the House of Representatives, composed of 20 members, for consideration, and if it receives a two-thirds majority support, it will be enacted.The bill allows the government of Tinian Island to issue the "Marianas USD (MUSD)" stablecoin, which is pegged to the US dollar at a 1:1 ratio. This stablecoin will be backed by cash and US Treasury reserves from the local treasury, and the technology provider Marianas Rai Corporation will build the token system based on the eCash blockchain.

ChainCatcher news, according to The Block, 20 Democratic senators in the U.S. have jointly proposed the "End Crypto Corruption Act of 2025," which aims to prohibit the President, Vice President, members of Congress, cabinet members, and their spouses and children from issuing or promoting cryptocurrencies and other digital assets to prevent conflicts of interest.The proposal specifically names former President Trump and his wife Melania for their previous issuance of a meme coin (TRUMP recently dropped 5.15%), and it may also affect Elon Musk, who serves as a special advisor to the "Department of Government Efficiency" (DOGE).The proposal stipulates that violators will face fines or imprisonment, with the restriction period covering their term and one year after leaving office. Currently, the bill allows normal cryptocurrency trading but explicitly prohibits officials from endorsing such activities. This move stems from the Democrats' dissatisfaction with the Republican-led stablecoin bill, which has been criticized for refusing to compromise on anti-money laundering and foreign investment regulation provisions.Additionally, Democratic lawmakers have recently questioned the Trump family's collaboration with Binance in issuing the WLD1 stablecoin, which involves a $2 billion investment agreement in Abu Dhabi, calling for increased scrutiny. Proposal co-sponsor and Michigan Senator Slotkin stated, "Preventing the President from profiting through the issuance of personal currency is more urgent than broad regulation."

According to ChainCatcher news and The Block report, the U.S. Senate is set to hold a key vote on the GENIUS stablecoin bill on Thursday. The bill requires stablecoins to be fully backed by liquid assets such as U.S. dollars and short-term government bonds. With 60 votes needed for passage, Republicans must seek support from Democrats. Currently, several Democratic senators have expressed opposition due to concerns over foreign asset regulation and insufficient anti-money laundering provisions, and there are also divisions within the Republican Party. Meanwhile, Democrats are investigating the connections between Trump and the cryptocurrency industry.

ChainCatcher news, according to Crypto News, U.S. Senator Elizabeth Warren has requested a delay in the consideration of the stablecoin bill. Warren stated that the bill has potential conflicts of interest with President Trump and requires further review.

ChainCatcher news, U.S. Senator Elizabeth Warren recently stated that President Trump is "lining his pockets" with the WLFI project. "Congress should step up and amend the stablecoin bill currently under consideration in the Senate, which would make it easier for Trump and Musk to control your money."

ChainCatcher news, according to crypto journalist Eleanor Terrett, U.S. Congressman Bryan Steil revealed at the blockchain summit that the stablecoin legislation STABLE Act is expected to be formally introduced in the U.S. House of Representatives today. The content shows that the draft of this bill is 80% similar to the GENIUS Act.