ChainCatcher news, Hong Kong Legislative Council member Wu Jietzhuang tweeted that the Hong Kong Legislative Council has passed the "Stablecoin Bill" in the third reading, expecting to launch a licensing mechanism within the year, allowing institutions to apply to the Monetary Authority to become compliant stablecoin issuers. The bill requires issuers to peg to fiat currency and comply with reserve management, redemption mechanisms, customer asset segregation, anti-money laundering, information disclosure, and other compliance requirements, with regulatory details to be consulted separately. Hong Kong welcomes global companies to apply for issuance in the city.

ChainCatcher news reports that, according to Punchbowl News, the U.S. Senate is expected to hold a key procedural vote on the stablecoin regulatory bill, the GENIUS Act, as early as the evening of May 19 local time. The bill, introduced by Senator Bill Hagerty, aims to require stablecoin issuers to hold safe and highly liquid assets as reserves and comply with anti-money laundering regulations.Although the bill previously received bipartisan support in the Senate Banking Committee, it failed to pass in the vote on May 8, primarily due to concerns from Democrats about the Trump family's connections to crypto assets. Currently, Senator Mark Warner and others are pushing for amendments to the bill in hopes of reaching a consensus between the two parties.

ChainCatcher news, according to crypto journalist Eleanor Terrett, the U.S. Senate is scheduled to hold a procedural vote on the updated stablecoin regulatory bill, the "GENIUS Act," at 1:45 PM ET (1:45 AM Beijing time on May 9).It is reported that after late-night negotiations and last-minute text updates between Senate Republicans and Democrats, the voting situation will be a "fierce showdown."

ChainCatcher News, the U.S. House Financial Services Committee voted on Wednesday to pass a significant bill regulating stablecoins. The bill, titled "Stablecoin Transparency and Accountability for a Better Ledger Economy" (abbreviated as STABLE), was approved by the committee with a vote of 32 in favor and 17 against. The bill will create a framework for dollar-pegged stablecoins. It outlines reserve and capital requirements, including one-to-one reserve backing and anti-money laundering standards.

ChainCatcher news, U.S. Senator Bill Hagerty, who supports cryptocurrency, has released a legislative discussion draft aimed at creating a regulatory framework for stablecoins, which is very similar to the ongoing work in the House of Representatives. Republican Hagerty stated in a press release on Thursday that his legislative draft "provides much-needed regulatory clarity." The draft is very close to the "Clarity for Payment Stablecoins Act" drafted in the House by Republican Congressman Patrick McHenry and Democrat Maxine Waters.Hagerty's draft adopts the structure of the House bill while dividing federal regulation into the Federal Reserve's oversight of banks and the Office of the Comptroller of the Currency's oversight of non-bank entities. The draft will include a provision that issuers exceeding a $10 billion threshold may receive exemptions from federal regulators and continue to be governed by their respective states. The legislative draft also includes maintaining dollar-denominated foreign exchange reserves on a one-to-one basis.

ChainCatcher news, U.S. Senator Sen. Kirsten Gillibrand stated that she hopes to introduce a stablecoin regulatory bill in the coming weeks, which she co-introduced with Senators Patrick Toomey and Cynthia Lummis. Sen. Kirsten Gillibrand mentioned that there will be a request for at least a hearing in the "Senate Banking Committee," and a vote may take place in Congress. (source link)