Senate Democrats and Republicans are engaged in last-minute negotiations to salvage the bipartisan GENIUS Act, a legislative bill aimed at regulating stablecoins. The bill, which had been abruptly derailed last week, is facing resistance from some Senate Democrats, putting the first-of-its-kind crypto regulation legislation at risk ahead of a potential vote later this week. Key Senate figures involved in the discussions include Democrats Ruben Gallego, Mark Warner, and Kirsten Gillibrand, as well as Republicans John Lummis and Tim Scott. The groups have held meetings lasting over four hours and are considering delaying the vote to early next week to allow more time for drafting and review. Proposed amendments under review include language that would bar public officials from profiting from issuing stablecoins. Senate Republicans are currently reviewing these changes, and further meetings are planned to reach a consensus. Senate GOP members, including Senator John Thune, have signaled willingness to compromise on the stablecoin bill as the vote approaches. Crypto industry leaders are actively working to secure support for the legislation, which aims to establish a regulatory framework for stablecoins in the United States.

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