The US Senate has taken a significant step towards regulating stablecoins, voting 68-30 to advance the GENIUS Act. The legislation requires stablecoins to be fully backed and mandates yearly audits for issuers valued at over$50 billion.

A final vote is expected on Monday unless the debate is concluded sooner.

Although the bill received bipartisan support, it has also triggered notable opposition. Leading Democrats, including Elizabeth Warren and Chuck Schumer, voted against it, citing unresolved amendments and ethical concerns.

Senator Warren accused lawmakers of facilitating corruption linked to Donald Trump's expanding involvement in the crypto sector.

Trump's growing ties to digital assets have added fresh controversy. His firm, World Liberty Financial, recently launched a US Treasury-backed stablecoin named USD1.

The Trump family has also introduced meme coins such as$TRUMP and$MELANIA, reportedly generating profits from transaction fees despite significant price volatility.

While the Senate progresses towards a final vote, the outcome in the House remains uncertain. Issues between the two chambers, especially regarding foreign issuers and state regulation, need resolution before a unified framework can be implemented.