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This is a second attempt to pass the GENIUS stablecoin bill in US Senate on stablecoins, as previous attempt failed due to a disagreement on if state regulators were to regulate stablecoins

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The distinction between federal and state regulators had been the main sticking point when Democrats and Republicans sought to work out a compromise bill on stablecoins in the previous Congress, and any new version will still have to thread a bipartisan needle
The bill advanced out of the Republican-led committee last year but has not gained much traction. At the time, Waters called the bill "deeply problematic" due to a provision that allows state regulators to approve stablecoin issuances without Federal Reserve input.

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