Major Development for Cryptocurrencies: Democrats and Republicans Reach Agreement in Principle in the US

In the US Senate, Republican and Democratic senators have reached an agreement in principle on the long-discussed cryptocurrency regulation GENIUS Act. The agreement was reached this afternoon US time, according to information based on three sources.But the final text of the bill has not yet been released and Senate Democrats have requested more time to brief members, while Republicans are pushing for a vote this week.The GENIUS Act aims to create a new regulatory framework for cryptocurrencies called “stablecoins” that are pegged to assets like the U.S. dollar. The bill, which passed the Senate Banking Committee with bipartisan support in March, has begun to lose support among Democrats in recent weeks, largely due to growing concerns about President Donald Trump and his family’s business ties to the cryptocurrency space.Related News: Project That Has Been Anticipated for a Long Time Finally Announces Its Airdrop Distribution - Here Are the DetailsWeeks after the bill passed the committee, it was announced that an Abu Dhabi-backed company would invest billions of dollars in a crypto firm known to be owned by the Trump family, World Liberty Financial. The deal would see the company buy a $2 billion stablecoin and use the asset to invest in the Binance exchange. This development has caused serious concerns among Democrats.Democrats are now calling for new regulation that would ban elected officials and their families from trading crypto assets.*This is not investment advice. Continue Reading: Major Development for Cryptocurrencies: Democrats and Republicans Reach Agreement in Principle in the US