U.S. Senate Advances GENIUS Act to Regulate Stablecoins with 18-6 Bipartisan Vote

The U.S. Senate Banking Committee has advanced the GENIUS Act, a bill aimed at regulating stablecoin issuers, with a vote of 18-6. This legislation, primarily authored by Senator Bill Hagerty (R-Tenn.), received bipartisan support, with Senators Kirsten Gillibrand (D-N.Y.) and Angela Alsobrooks (D-Md.) as co-sponsors. The bill's passage through the committee is a step towards establishing a federal regulatory framework for stablecoins, digital assets designed to maintain a constant value, typically tied to the U.S. dollar.

Despite opposition from some Democrats, including Senator Elizabeth Warren (D-Mass.), who criticized the bill for potential national security risks and insufficient regulatory controls, the legislation moved forward. Warren proposed several amendments to add more regulatory oversight, all of which were rejected along party lines.

The bill's advancement comes amidst growing momentum in Congress to regulate stablecoins, driven by the potential of these digital assets to revolutionize payment systems and enhance financial efficiency. The legislation is expected to face further scrutiny and amendments as it progresses to the Senate floor and eventually to the House of Representatives, where a similar bill, the STABLE Act, is under consideration.

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