The U.S. Senate Banking Committee has recently given its blessing to the Guiding and Establishing National Innovation for U.S. Stablecoins Act, moving it closer to a Senate vote. 💸
Introduced by Senator Bill Hagerty, the bill aims to create a federal framework for regulating stablecoins. 📜
The committee passed the bill with an 18-6 vote, including support from five Democrats. The GENIUS Act proposes clear guidelines for stablecoin issuers, addressing reserve requirements, audits, transparency, and licensing. 🔍
Senator Hagerty stated that the bill would help the country “lead in financial innovation” while protecting consumers. 👨💼
“I’m pleased to see my GENIUS Act successfully pass out of the Senate Banking Committee with bipartisan support. This legislation is a critical first step in establishing a safe and pro-growth regulatory framework that will unleash innovation and advance the President’s mission to…
— Senator Bill Hagerty (@SenatorHagerty) March 13, 2025
During the committee hearing, several Democrats reportedly expressed concerns about the bill’s current form but acknowledged the need for regulatory clarity. Senators Kirsten Gillibrand and Angela Alsobrooks co-sponsored the bill, showing bipartisan backing. 🤝
However, some Democratic members proposed amendments to add stricter regulatory controls, most of which were voted down by the Republican majority. 🗳️
Stablecoin clarity
Committee Chairman Senator Tim Scott described stablecoins as “just travelers checks on the blockchain,” emphasizing the need for clear regulations. The committee’s ranking Democrat, Senator Elizabeth Warren, opposed several provisions of the bill, calling it a “threat to national security.” 🚨
The bill now awaits a vote in the full Senate. If passed, it will proceed to the House of Representatives before reaching President Donald Trump’s desk for final approval. 📜
The GENIUS Act represents a significant step toward providing regulatory clarity for stablecoins in the United States. Its progress reflects ongoing efforts to balance innovation with consumer protection in the rapidly evolving digital asset landscape. 🔮
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2025-03-13 21:50