Thune Signals GOP Willing to Compromise on Stablecoin Bill as Senate Vote Nears

Senate Majority Leader John Thune (R-SD) has acknowledged that Republicans would need to seek a more open stance with Democrats if the party hopes to advance the U.S.’s first comprehensive federal regulatory framework for dollar-pegged digital assets.With a full floor vote looming on the “Changes can be made on the floor for sure,” Thune said, speaking to reporters from Congress on Monday, as first quoted by Thune’s gesture shows the GOP is dialing back and slowing down from Sunday, when he Republican leaders had hoped to hold a vote as early as Thursday this week.But those plans hit a roadblock after nine Senate Democrats, including four previously open to the bill in committee, released an opposing The Democrats cited the need to add “stronger provisions” on key issues, including anti-money laundering, foreign issuers, national security, financial safety, and accountability.Despite holding 53 Senate seats, the Republican caucus needs to secure at least seven Democratic votes to overcome the last hurdles for passage.The GENIUS Act allows nonbank stablecoin issuers to operate in the U.S. economy, providing key protections for consumers using the technology for daily needs.A With it, banks and non-bank institutions could issue stablecoins if they hold 1:1 reserves in high-quality liquid assets. House lawmakers, meanwhile, have proposed more restrictive reserve requirements in their competing If signed into law, the bill would address a regulatory gap that has persisted for years as stablecoins grew to over $240 billion in market capitalization, Edited by Sebastian Sinclair