According to Deep Tide TechFlow, as reported by CoinDesk, the U.S. Senate Banking Committee approved the cryptocurrency industry’s stablecoin regulatory bill on March 13 with a vote of 18 to 6, marking the first significant step towards the bill becoming law. The bill is officially titled the 'Guidance and Establishment of a National Stablecoin Innovation Act' (GENIUS Act) and will regulate U.S. stablecoin issuers at the federal level.
The bill was drafted by Tennessee Republican Senator Bill Hagerty, with joint support from New York Democratic Senator Kirsten Gillibrand and Maryland Democratic Senator Angela Alsobrooks. Hagerty called it 'genuine bipartisan cooperation,' stating that it proposes common-sense rules to protect consumers, promote competition, and encourage innovation.
Banking Committee Chairman and South Carolina Republican Senator Tim Scott said: 'We have been working day and night, including weekends, to get this legislation done.' However, the committee's Democratic leader, Senator Elizabeth Warren, strongly opposed the bill, calling it 'a clear threat to national security' and expressed disappointment that all her proposed amendments were rejected.
The bill now needs to be passed by the entire Senate, and a similar version must also be approved by the House of Representatives. Although it still faces several hurdles, including the need to reconcile different versions of the bill from both chambers, the committee's approval marks a key step towards the regulatory framework for stablecoins being signed into law by President Trump.
