#ultimahora The U.S. stablecoin bill is updated ahead of the Senate banking group's vote
The U.S. Senate Banking Committee is set to vote on March 13 on a stablecoin bill.
The U.S. Senate Banking Committee is set to vote on March 13 on a stablecoin bill led by Republicans, following updates made after consulting with the committee's Democrats.
Republican Senator Bill Hagerty, one of the bill's co-sponsors, stated on March 10 that he had submitted an update to the U.S. Stablecoin Innovation and Establishment Guidance Act (GENIUS), which will be voted on in the Banking Committee on March 13.
He added that the updated bill was subject to bipartisan consultations. The bill is co-sponsored by Republican Senators Cynthia Lummis and Tim Scott, who also chairs the Banking Committee, along with Democrats Kirsten Gillibrand and Angela Alsobrooks.
"The updated version of the GENIUS Act introduces significant improvements to a number of key provisions, such as consumer protection, authorized stablecoin issuers, risk mitigation, state pathways, insolvency, transparency, and much more," Gillibrand said in a statement.
Hagerty first introduced the bill in early February. Its aim is to subject U.S. dollar stablecoin issuers with market capitalizations exceeding $10 billion - currently only Tether
USDT
€0.9156
and USDC
USDC
€0.916
from Circle - to Federal Reserve regulation. Issuers below $10 billion could opt for state regulation.
The co-founder of the web3 learning app EasyA, Dom Kwok, said on X that the latest version of the GENIUS Act, shared by FOX Business reporter Eleanor Terrett, gives "U.S.-issued stablecoins