ChainCatcher news, crypto reporter Eleanor Terrett posted on the X platform stating that the U.S. Congress has paused cryptocurrency legislation, with Senate Republican leadership and the White House seemingly agreeing to take a new approach, passing market structure and stablecoin legislation as separate bills.

ChainCatcher news, crypto journalist Eleanor Terrett posted on the X platform that the U.S. Congress has paused cryptocurrency legislation, with Senate Republican leadership and the White House seemingly agreeing to take a new approach, passing market structure and stablecoin legislation as separate bills.

ChainCatcher news, according to Walter Bloomberg, Deutsche Bank strategist Marion Laboure stated that a new stablecoin regulatory bill approved by the Senate could reinforce the global dominance of the dollar in the digital age. Once passed, the bill will allow dollar-pegged stablecoins (which currently dominate the market) to attract foreign liquidity. This is expected to accelerate the adoption of digital dollars in unstable economies without the need for central bank digital currencies or traditional banking systems.

ChainCatcher message, according to market news, the U.S. Senate has obtained enough votes to pass the stablecoin bill, and the voting is still ongoing.

ChainCatcher news, according to former Fox Business reporter Eleanor Terrett, the U.S. Congress will hold a "cloture" procedural vote on the stablecoin bill today at 2 PM (ET) to decide whether to move into the final voting phase.

ChainCatcher news, according to Bloomberg, Senate Majority Leader John Thune has submitted a motion to terminate debate on the GENIUS Act, which will be voted on Wednesday.According to an article posted by the Senate Republican cloakroom on X, Thune requested to terminate debate on the underlying bill—the "Guiding and Establishing American Stablecoin Innovation Act"—and its bipartisan amendments on Monday.Last month, lawmakers voted 66 in favor and 32 against to defeat the stablecoin bill and initiated the motion to terminate debate, a procedural tool that limits debate and forces a vote.

ChainCatcher news, according to Cointelegraph, the U.S. Senate is currently negotiating amendments to the bipartisan GENIUS Act, with a vote possibly taking place as early as June 9.

ChainCatcher news, according to Jinshi Data reports, the CEO of global payment giant MoneyGram stated that the stablecoin legislation will be a huge breakthrough for business development.

ChainCatcher news, according to CoinDesk, Wyoming Republican Senator Cynthia Lummis revealed at the Bitcoin 2025 conference that the GENIUS stablecoin bill has entered the final review stage in the Senate. The bill passed a procedural vote last week with over 60 votes, but faced setbacks due to opposition from Democratic leader Elizabeth Warren and some Republicans. If ultimately passed, this would be the first successful piece of legislation from the Senate Banking Committee in eight years.Lummis and her co-sponsor Kirsten Gillibrand (Democrat) have conducted extensive behind-the-scenes negotiations. Tennessee Senator Bill Hagerty pointed out that this would be the most bipartisan bill from the committee in over a decade, but criticized Warren for deliberately delaying the legislative process. Lummis admitted that the Senate has lost its "legislative momentum" and hopes to draw on the experience of the House's passage of the FIT21 bill last year to advance subsequent cryptocurrency market regulatory legislation.

ChainCatcher news, according to The Block, crypto mogul David Sacks stated on CNBC that the GENIUS stablecoin bill is expected to pass, potentially creating trillions of dollars in demand for the U.S. Treasury "almost overnight."The bill requires stablecoins to be fully backed by U.S. Treasury securities or dollar equivalents and imposes registration and auditing requirements on large issuers with a market capitalization exceeding $50 billion. Despite concerns from some lawmakers about the Trump family potentially benefiting, Sacks emphasized that the bill has garnered significant bipartisan support, with 15 Democrats voting in favor, as it will provide a "more efficient, cheaper, and smoother payment system" and expand the online dominance of the dollar.Currently, the stablecoin market has reached a size of $200 billion, with Tether holding nearly $120 billion in U.S. Treasury securities, surpassing Germany to become the 19th largest holder globally.

ChainCatcher news, according to Eleanor Terrett, the GENIUS stablecoin bill ultimately passed the motion to end debate on the GENIUS stablecoin bill by a vote of 66 to 32, marking the official start of the bill's review process, but the bill itself has not yet been passed.

ChainCatcher news, FOX Business reporter Eleanor Terrett stated that the U.S. Senate voted to pass the "cloture motion" to formally consider the GENIUS Act, with at least 15 Democratic senators changing their positions to vote in favor, including Cortez Masto, Adam Schiff, Mark Warner, and others. The bill will now enter the full consideration process.

ChainCatcher news, according to Semafor, a source familiar with the matter stated that after a previous attempt failed, U.S. Senators are expected to vote again tonight to advance legislation aimed at establishing rules for stablecoins.Another source mentioned that Senate Minority Leader Schumer held a conference call with all party members on Sunday to discuss the yet-to-be-released text, which includes reforms sought by the Democrats. However, these adjustments are still insufficient to win the support of progressives like Massachusetts Democratic Senator Elizabeth Warren. He released a memo stating that the latest version of the ban does not target the relevant digital assets, "fueling Trump's cryptocurrency corruption."A third source indicated that negotiations regarding potential additional amendments are ongoing, with banks privately expressing their concerns, including whether issuers have the ability to pay interest.

ChainCatcher news reports that the Northern Mariana Islands legislature overwhelmingly overturned the governor's veto on May 16, officially approving the issuance of the government-backed stablecoin "Mariana Dollar" (MUSD). The bill stipulates that MUSD will be fully backed 1:1 by U.S. dollars and government bonds held by the government, and will be issued on the eCash blockchain.Marianas Rai Corporation, a technology company from Tinian, has been designated as the exclusive technology partner. The local government stated that this is not only a financial innovation but also part of an economic revitalization strategy, with accompanying measures in the bill including the issuance of internet casino licenses.Meanwhile, Wyoming has also passed a similar bill to prepare for the issuance of the "Wyoming Stable Token." Analysts point out that if MUSD can be launched before July, it will become the first stablecoin issued by a local government in the United States, and its market performance will provide important references for subsequent policies.Experts believe that the competition between these two regions may influence the legislative process for digital currencies in the United States, but technical implementation and compliance operations still face challenges. The federal government's attitude towards such local stablecoin projects will become a focal point of future attention.

ChainCatcher News: The U.S. Senate plans to pass the "National Innovation Stablecoin Guidance and Establishment Act" (GENIUS Act) as early as May 26. This bill aims to establish a federal regulatory framework for stablecoins. Previously, Democrats had blocked its advancement on May 8 due to concerns that the bill could allow former President Trump and his family to benefit from cryptocurrency projects. To reach a consensus, the bill has removed provisions targeting the Trump family.

ChainCatcher news, according to Bloomberg, bipartisan senators in the U.S. are accelerating the push for a "rebirth" of stablecoin legislation supported by the crypto industry. Previously, the legislation was stalled due to controversies surrounding Trump's crypto investment portfolio. The primary Republican sponsor, Tennessee Senator Bill Hagerty, stated at the Capitol that both parties are continuing to advance the legislation, hoping for a vote by the Democrats before the holiday recess on May 26, as the Senate will focus on the Republican tax plan. He bluntly said, "It's time to see if reason can prevail."Progressive Democrats like Elizabeth Warren are pushing to ban officials like Trump from profiting from crypto investments during their terms, which has been rejected by Republicans. Chuck Schumer and others have complained that there is no public text for the bipartisan compromise. The primary Democratic sponsor, Maryland Senator Angela Alsobrooks, stated that senators are working hard, and she and four other Democrats have voted in favor in the Banking Committee. In the Senate, most legislation requires 60 votes, making Democratic support crucial. Executives from the crypto industry, such as the CEO of Coinbase, are pushing to resolve the deadlock, and the digital asset industry spent heavily last year to elect crypto-friendly lawmakers, a trend that may continue into the 2026 midterm elections.