EddieJayonCrypto

 13 Mar 25

tl;dr

The U.S. Senate Banking Committee has advanced the GENIUS Act, a stablecoin-focused legislation, to a full Senate vote with bipartisan support. The bill passed the committee by a vote of 18-6, with bipartisan support from Senate Democrats and Republicans. The legislation aims to provide regulatory c...

The U.S. Senate Banking Committee has advanced the GENIUS Act, a stablecoin-focused legislation, to a full Senate vote with bipartisan support. The bill passed the committee by a vote of 18-6, with bipartisan support from Senate Democrats and Republicans. The legislation aims to provide regulatory clarity for stablecoins and make the dollar more competitive. Despite attempts by Senator Elizabeth Warren to add provisions, the amendments were mostly voted down, and the bill proceeded to a vote, passing handily. The bill’s sponsor, Bill Hagerty, aims for the bill to receive a full vote on the Senate floor by the end of April.


A new provision in the GENIUS Act requiring stablecoin issuers to comply with legal orders faced some pushback. While the legislation has been generally supported by industry leaders, there is opposition to the provision that would require stablecoin issuers to have the ability to "seize, freeze, burn, or prevent the transfer” of tokens if obligated to comply with legal orders.

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 13 Mar 25
 13 Mar 25
 13 Mar 25