Odaily News John E Deaton, a lawyer who supports cryptocurrencies, warned that if the US Congress fails to pass the stablecoin GENIUS Act in a timely manner, substantive crypto regulatory reforms may be delayed until 2029. This view is supported by Messari founder Ryan Selkis and others. Deaton criticized the US regulatory attitude for swinging dramatically between government changes, and the current regulation still relies on the legal framework of the 1930s and 1940s. Selkis specifically pointed out that if the bill is not passed this week, crypto reforms may die during the Trump administration in the future. (Coinpedia)

Odaily News Bo Hines, executive director of the Trump Digital Asset Advisory Committee, wrote on the X platform that the GENIUS Act focuses on the role of stablecoins in strengthening the dominance of the US dollar. He believes that it will help modernize payment infrastructure and improve transfer efficiency and transparency. Digital asset technology is the core of the next generation of finance, and the United States is ready to lead the world in this field.

Odaily News As Eleanor Terrett reports, the GENIUS Act vote of support closed, with the bill passing 66-32.

Odaily News According to Eleanor Terrett, after the procedural motion of the GENIUS Act is passed, the debate and amendment process will be held in the Senate tomorrow night or Wednesday. In this vote, a total of 16 Democratic members changed their positions and voted in favor. Although the Republicans originally hoped to complete the final vote before Memorial Day, it is still uncertain whether it can be carried out as scheduled. This vote is regarded as an important first step in the passage of the GENIUS Act, which aims to provide a regulatory framework for the cryptocurrency industry.

Odaily News Chris Burniske, partner of Placeholder, wrote on X that among many crypto assets, the GENIUS Act may be the most beneficial to ETH, because Ethereum has a huge stablecoin ecosystem, solid DeFi infrastructure, and a long-established institutional cooperation network. SOL follows closely behind, while TRX may become an overlooked dark horse due to historical factors.

Odaily News According to crypto journalist Eleanor Terrett, the stablecoin "GENIUS Act" passed the debate motion with 69 votes in favor and 31 votes against, and entered the revision process.

Odaily News Some Democratic senators plan to propose amendments to the ongoing GENIUS Act to address potential conflicts of interest between former President Trump and his family and cryptocurrency platforms. According to Axios, Senate Minority Leader Chuck Schumer and Senators Elizabeth Warren and Jeff Merkley will propose a ban on the US president from making profits through stablecoins.
Previously, the Trump family was involved in the crypto platform World Liberty Financial and launched the USD1 stablecoin in March. An Abu Dhabi investment institution announced that it would use USD1 to complete a $2 billion Binance investment, sparking concerns among Democrats about potential interest transfers.
In addition, Merkley and Warren also criticized Trump for hosting a private dinner on May 22 to entertain a large number of people who bought his personal "meat coins", calling it "one of the worst corruptions." The incident has now triggered protests from progressive organizations, and Democratic lawmakers have demanded the release of the dinner guest list. (Cointelegraph)