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Senator Bill Hagerty’s GENIUS Act — aiming to establish regulatory guidelines for stablecoin issuers — advanced to the Senate floor today after a Banking Committee markup. 

If there’s bipartisan support for the legislation, it was not apparent during today’s debate. Democrats put forth a number of amendments to the bill, urging lawmakers to adopt further protections against money laundering and consider more strict guidelines for issuers to receive licenses. 

Republican Committee members voted against all of Sen. Elizabeth Warren’s proposed amendments, often with little…

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