The crypto industry advocated for the GENIUS (Guiding and Establishing National Innovation for US Stablecoins) Act to establish a regulatory framework for stablecoins, which are often tethered to the U.S. dollar and are less volatile than other forms of cryptocurrency, to help legitimize stablecoins for issuers and custodians.

Some Democrats who had supported legislation for so-called stablecoins are now demanding tougher language to prevent fraud and money laundering.