BlockBeats News: On May 8th, according to crypto journalist Eleanor Terrett, the US Senate scheduled a procedural vote on the updated version of the stablecoin regulatory bill, the GENIUS Act, at 1:45 PM Eastern Time (1:45 AM Beijing Time on May 9th). It is reported that after late night negotiations and last few minutes of text updates between Republican and Democratic parties in the Senate, the voting situation will be a 'fierce showdown'.
BlockBeats previously reported that the GENIUS Act, also known as the National Innovation Act to Guide and Establish US Stablecoins, is a legislation proposed by the US Senate on February 4, 2025, aimed at establishing a comprehensive regulatory framework for "payment stablecoins" within the United States to promote financial innovation, protect consumers, prevent illegal financial activities, and consolidate the dominant position of the US dollar in the global financial system.