The US Senate has voted to advance a key stablecoin-regulating bill after Democrat Senators blocked an attempt to move the bill forward earlier in May over concerns about President Donald Trump’s sprawling crypto empire.
A key procedural vote on the Guiding and Establishing National Innovation for US Stablecoins Act, or GENIUS Act, passed in a 66-32 vote on May 20.
Several Democrats changed their votes to pass the motion to invoke cloture, which will now set the bill up for debate on the Senate floor.
Republican Senator Cynthia Lummis, one of the bill’s key backers, said on May 15 that she thinks it’s a “fair target” to have the GENIUS Act passed by May 26 — Memorial Day in the US.
The GENIUS Act was introduced on Feb. 4 by US Senator Bill Hagerty and seeks to regulate the nearly $250 billion stablecoin market — currently dominated by Tether (USDT) and Circle’s USDC (USDC).
The bill requires stablecoins be fully backed, have regular security audits and approval from federal or state regulators. Only licensed entities can issue stablecoins, while algorithmic stablecoins are restricted.
Several Democratic senators withdrew support for the bill on May 8, blocking a motion to move it forward, citing concerns over potential conflicts of interest involving Trump’s crypto ventures and anti-money laundering provisions.
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The bill was revised soon after to receive enough bipartisan support to proceed to a vote.
Hagerty’s stablecoin bill builds on the discussion draft he submitted for former Representative Patrick McHenry’s Clarity for Payment Stablecoins Act in October.
Magazine: Crypto wanted to overthrow banks, now it’s becoming them in stablecoin fight
Entertainment
‘I recognise the error and upset caused’ – Gary Lineker releases statement as BBC departure confirmed
Gary Lineker has confirmed he is leaving the BBC after this season’s Match Of The Day and will no longer present its World Cup coverage.
It comes after the 64-year-old “apologised unreservedly” for sharing a social media post illustrated with a rat – which has been used to represent Jewish people in antisemitic propaganda, including Nazi Germany.
Read more: A history of Gary Lineker’s most controversial posts
In a statement on Monday, Lineker said: “Football has been at the heart of my life for as long as I can remember – both on the pitch and in the studio.
“I care deeply about the game, and about the work I’ve done with the BBC over many years. As I’ve said, I would never consciously repost anything antisemitic – it goes against everything I stand for.
“However, I recognise the error and upset that I caused, and reiterate how sorry I am. Stepping back now feels like the responsible course of action.”
Analysis: BBC can breathe easier after Lineker leaves
Lineker made no comment as he got into his car on Monday. Pic: PA
Lineker said he deleted the post when he learned about the rat’s symbolism, adding he would “never knowingly share anything antisemitic”.
In a separate video posted to Instagram, the pundit added: “I’ve stood up for minorities and humanitarian issues and against all forms of racism all of my life, including, of course, antisemitism, which I absolutely abhor.
“There’s no place for it and never should be.”
He went on to thank the “brilliant, talented” people he has worked with and described his relationship with the BBC as “long and wonderful”.
He added: “But it’s the right time for the organisation and myself to go our separate ways.”
Lineker’s last appearance on the BBC will be on Sunday 25 May, the final day of the season.
‘A defining voice in football coverage’
Also confirming Lineker’s exit, BBC director general Tim Davie said: “Gary has acknowledged the mistake he made. Accordingly, we have agreed he will step back from further presenting after this season.
“Gary has been a defining voice in football coverage for the BBC for over two decades. His passion and knowledge have shaped our sports journalism and earned him the respect of sports fans across the UK and beyond.
“We want to thank him for the contribution he has made.”
Kelly Cates, Mark Chapman and Gabby Logan will share the role of presenting Match Of The Day. Pic BBC/PA
Alex Kay-Jelski, the BBC’s director of sport, said in an email sent to staff that it had been a “difficult” and “emotional” week.
He went on to say: “It is sad to be saying goodbye to such a brilliant broadcaster and I also want to thank Gary for his years of service. As ever, if you have questions, you know where I am.
“Let’s finish the season strongly with Gary’s final show, enjoy an incredible summer of sport and look forward with excitement to what lies ahead.”
Lineker announced in November he would step down from Match Of The Day this year, but was set to return to front the World Cup in 2026, as well as FA Cup coverage.
The former England star was temporarily suspended from the BBC in March 2023 after an impartiality row over comments he made criticising the then Conservative government’s asylum policy.
He will be replaced on Match Of The Day by Gabby Logan, Kelly Cates and Mark Chapman, who will share the presenting role from the next Premier League season.
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Lineker has hosted Match Of The Day since 1999 and has been the BBC’s highest-paid on-air talent for seven consecutive years.
He joined the programme having started as a BBC Radio Five Live presenter, also working on the broadcaster’s former flagship sports show Grandstand during his early years in broadcasting.
The Leicester-born presenter is also the co-founder of podcast producing company Goalhanger, which makes the popular The Rest Is History series and its spin-offs about politics, football, entertainment and money.
His parting ways with the BBC also includes the licensing deal for Goalhanger podcast titles on BBC Sounds, which ends this year, the PA news agency reported.
Entertainment
BBC can breathe easier that fallout from Lineker’s social media won’t land at its door
Did having a social conscience force Gary Lineker off the BBC? Or was becoming increasingly vocal politically just too problematic?
The former England captain was given an exemption, as a freelancer working outside of news and current affairs, from impartiality rules the BBC’s staff have to abide by – despite being the broadcaster’s highest earner at £1.35m.
That meant he was even handed BBC primetime coverage recently, in which he critiqued the BBC’s coverage of the Middle East conflict, disputing the news side’s decision-making.
Silence on Gaza, he claimed, equates to complicity.
And Lineker has sought to show empathy with those suffering in Gaza and the mounting Palestinian death toll from IDF strikes, which Israel says are targeted at Hamas.
He has, however, faced accusations of inconsistency by being silent on other conflicts in Sudan and Yemen.
And also for showing little public concern for hostages taken by Hamas during the terror of 7 October – including Emily Damari, a fan of one of his former clubs, Tottenham Hotspur.
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Watch: Lineker confirms BBC exit
Highly-selective commentaries have been shared, often from fringe groups.
And then came last week’s rat emoji, which appeared on an anti-Zionist post shared on Instagram, which Lineker reposted and said he later deleted when he learned about the rat’s symbolism.
Images of rats have in the past been used to represent Jewish people in antisemitic propaganda, including in Nazi Germany.
The incident produced an unprecedented apology from the ex-footballer, who said he was unaware of connotations offensive to Jewish people.
Read more:
Lineker releases statement as BBC departure confirmed
The BBC’s impartiality guidelines explained
A history of Gary Lineker’s most controversial posts
Match of the Day presenter Gary Lineker outside his home in London. Pic: PA
As BBC Director General Tim Davie said: “The BBC’s reputation is held by everyone, and when someone makes a mistake, it costs us.”
The lack of public response from the BBC to Lineker’s apology made his future seem increasingly untenable.
Now, three decades broadcasting on the BBC will end under a cloud of controversy rather than celebration.
Lineker is even freer to give opinions – particularly through his podcast empire – and many do want to listen to him and welcome his status being used to highlight the plight of the besieged.
But the BBC can breathe easier knowing the fallout from social media posts won’t land at the corporation’s door.
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