Under President Trump’s encouragement for the crypto sector, the U.S. Senate Banking Committee has successfully pushed forward a bill regulating stablecoins. This marks a significant move towards having the legislation reach President Trump’s desk for his signature. The bill cleared the committee with an 18-6 vote, benefitting from the support of five Senate Democrats who joined Republicans in advancing the proposal.
The U.S. Senate Banking Committee has moved forward with the cryptocurrency industry’s stablecoin regulation bill, marking a critical move towards presidential approval. After obtaining its inaugural committee endorsement, the bill aimed at regulating U.S. stablecoin issuers federally is poised for a Senate vote, with a similar bill pending in the House of Representatives.
Despite several obstacles ahead, such as reconciling differences between the Senate and House versions, the committee has successfully passed the bill with an 18-6 vote.
Among the Democrats supporting the passage of the GENIUS Act were bill co-sponsor Angela Alsobrooks and Senate Banking Committee members Mark Warner, Andy Kim, Lisa Blunt Rochester, and Ruben Gallego. Bill Hagerty, the bill’s sponsor, expressed his aim to bring the bill to a full Senate vote by the end of April.
At the Senate Banking Committee meeting on Thursday, Senator Elizabeth Warren, a known skeptic of cryptocurrency, proposed several amendments to the GENIUS Act. This legislation aims to establish a legal framework allowing nonbank stablecoin issuers to operate within the U.S. economy.
Senator Elizabeth Warren suggested modifications to the GENIUS Act that would blacklist stablecoin issuers if their tokens were used for illegal activities, such as transactions with state enemies, drug trafficking, or purchasing child pornography.
She also proposed extending the Act’s regulations to include crypto exchanges and other entities dealing with stablecoins. However, her proposed amendments were rejected along party lines.
Near the end of the hearing, Elizabeth expressed strong reservations about advancing the bill, highlighting its numerous deficiencies and the timing of its progression amid reports that Donald Trump was attempting to launch his own stablecoin with a company known for legal violations. She referred to news that Trump-associated World Liberty Financial had been negotiating with the crypto exchange Binance.
Warren criticized the decision to push the bill through while Trump was allegedly making deals with what she termed a criminal stablecoin platform, cautioning that it was a mistake likely to be regretted.
Hagerty said, “It presents common sense rules that protect consumers, promote competition, and foster innovation. It’s time we provide the clarity and stability that our country and its innovators so desperately need.”
This year, the crypto industry is rallying bipartisan support in Congress for its policies. A notable bipartisan success involved overturning an IRS rule opposed by the sector. After the 2024 elections gave Republicans control of both chambers, stablecoin legislation has become a key priority under Scott’s leadership.
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