The Republican-sponsored GENIUS Act, which seeks to establish regulatory guidelines for stablecoins, has passed a key procedural vote in the US Senate. 

The legislation is now clear to advance to a full floor vote. The cloture vote passed  60-29 on Monday evening.

The passage comes after a cloture vote on the GENIUS Act failed earlier this month in a 48-49 vote. 

Senators have been negotiating elements of the bill over the past few weeks, people familiar with the matter told Blockworks.

The latest draft of the bill states that foreign stablecoin issuers not predominantly engaged in financial services activities must be unanimously approved by the Stablecoin Certification…

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