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GENIUS Stablecoin Bill Fails Initial Senate Vote Amid Partisan Tensions
▪️The GENIUS Act, aimed at regulating stablecoins, failed its first cloture vote in the Senate with a 49-48 tally; Senator Thune changed his vote to “no” to allow future reconsideration.
▪️Democrat Senators, joined by Republicans Hawley and Paul, blocked the motion, citing the need for more time to educate lawmakers and improve the bill’s language.
▪️Senator Ruben Gallego acknowledged bipartisan progress on the bill and called for a delay until Monday, but the request was blocked—likely by Senator Warren.
▪️Concerns over Trump’s crypto ties, including a $2B transaction involving the Trump family stablecoin USD1 and a UAE firm, have increased Democrat resistance.
▪️Senator Thune accused Democrats of obstruction, saying the bill had already undergone six revisions and bipartisan committee support.
@ Newshounds News™
Source: Ledger Insights
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SEC Commissioner Peirce Proposes Flexible Framework for Tokenized Securities
▪️ SEC Commissioner Hester Peirce unveiled a proposal for a regulatory exemption framework to test tokenized securities, aiming to balance innovation with investor protection.
▪️ The proposed framework would create a sandbox-like environment, allowing firms to issue, trade, and settle tokenized assets using blockchain under controlled conditions.
▪️ Conditions include anti-fraud compliance, detailed disclosures (including smart contract risks), financial safeguards, SEC oversight, and trading volume limits.
▪️ Peirce emphasized the need for scalable, sensible regulation to reverse the 20-year decline in public listings and ensure the U.S. remains competitive in capital markets.
▪️ The initiative, inspired by global regulatory sandboxes, seeks feedback and could evolve with the maturity of tokenized markets.
@ Newshounds News™
Source: Bitcoin News
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