The U.S. Senate Banking Committee has approved the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), moving the bill closer to a full Senate vote. The legislation, introduced by Senator Bill Hagerty (R-TN), aims to create a federal framework for stablecoin regulation.
With an 18-6 vote, the committee cleared the bill with bipartisan support, including five Democrats voting in favor. The bill still needs approval in the full Senate and House of Representatives before reaching President Donald Trump’s desk for final approval.
Stablecoin Bill Advances With Bipartisan Support
The GENIUS Act has been presented as a pro-growth and consumer protection measure that aims to provide clear regulations for stablecoins in the United States. Senator Hagerty stated that the bill would help the country “lead in financial innovation while ensuring consumer protections.”
During the committee hearing, several Democrats expressed concerns about the bill’s current form but acknowledged the need for regulatory clarity. Senators Kirsten Gillibrand (D-NY) and Angela Alsobrooks (D-MD) 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.
Committee Chairman Senator Tim Scott (R-SC) described stablecoins as “just travelers checks on the blockchain”, emphasizing the need for clear regulations. The committee’s ranking Democrat, Senator Elizabeth Warren (D-MA), opposed several provisions of the bill, calling it a “threat to national security.”
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