According to Jake Chervinsky, the US Senate has voted 66-32 in favor of advancing the GENIUS Act, marking a significant bipartisan milestone for stablecoin regulation (source: @jchervinsky, Twitter, May 20, 2025). This step paves the way for a formal Senate vote on the GENIUS Act and for the STABLE Act to be considered in the House. Traders should note that this progress signals imminent US regulatory clarity for stablecoins, which could drive mainstream adoption, reduce compliance risks, and impact the trading volumes and price stability of major assets like USDT, USDC, and DAI. The move is expected to increase institutional confidence and liquidity in the crypto markets, especially for USD-pegged stablecoins. Monitor upcoming legislative sessions for further developments that could influence market sentiment and trading strategies.

According to @EleanorTerrett, the Senate is preparing for a pivotal vote on the GENIUS Act, which focuses on advancing stablecoin legislation. This high-stakes decision is expected to directly impact crypto trading frameworks and regulatory clarity in the United States. Traders should closely monitor the outcome as increased legislative momentum may affect stablecoin adoption, liquidity, and overall market sentiment. The renewed vote highlights growing policy attention on digital assets, signaling potential shifts in compliance requirements and trading strategies for major cryptocurrencies. Source: @EleanorTerrett via Crypto In America, May 19, 2025.

According to @EleanorTerrett, the @BankingGOP is highlighting significant crypto industry stakeholders, including @cdixon, @KMSmithDC, @JonathanJachym, @ddisparte, @KyleSamani, @matthew_pines, and @stripe, who have publicly supported the GENIUS Act ahead of its Senate vote. This increasing endorsement from influential figures signals growing industry backing for regulatory clarity in digital assets, which could drive institutional adoption and impact cryptocurrency trading volumes if the act passes. Source: @EleanorTerrett on Twitter, May 6, 2025.

According to Eleanor Terrett, the Senate's second vote to overturn the DeFi broker rule is scheduled for this evening, with procedural votes starting at 5 PM and the final passage at 8 PM. Traders should be aware of potential market volatility as this decision could impact DeFi market regulations and broker operations.

According to @iampaulgrewal, the Senate has voted to repeal the IRS DeFi Reporting Rule, with 17 Democrats joining all Republicans in support. This decision may influence DeFi market activities by reducing regulatory burdens, potentially encouraging increased trading and market participation. The vote reflects a bipartisan effort to address industry concerns about regulatory clarity and overreach, which could impact future legislative approaches to cryptocurrency regulations.

According to Eleanor Terrett, Senator Ted Cruz plans to leverage the Congressional Review Act to repeal the IRS broker rule, potentially impacting cryptocurrency exchanges by revising reporting requirements. This development, if successful, could reduce compliance burdens for crypto brokers, making it a significant point of interest for traders. The motion to proceed will be voted on at around 11AM EST, per sources familiar with the situation.