Senate to Vote on GENIUS Stablecoin Bill
Senate Majority Leader John Thune announced that a vote on the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act will occur before Memorial Day. This was reported by Politico on Tuesday.
The anticipated vote date is before Friday, May 23rd, the last working day before the Memorial Day holiday weekend. This marks the Senate's first major vote on crypto regulatory reform.
Key Takeaways
- The Senate will vote on the GENIUS stablecoin bill before Memorial Day.
- The bill enjoys bipartisan support and has passed the Senate Banking Committee with an 18-6 vote.
Senator Bill Hagerty introduced the GENIUS Act in February. This legislation creates a regulatory framework for stablecoins—digital assets pegged to fiat currencies like the US dollar.
The bill successfully navigated the Senate Banking Committee in mid-March despite opposition from Senator Elizabeth Warren. It will now proceed to a full Senate vote and, if passed, will move to the House of Representatives.
GENIUS Act Provisions
- Reserve Requirements: Ensuring sufficient backing for stablecoins.
- Anti-Money Laundering (AML) Protocols: Strengthening measures to prevent illicit financial activities.
- Consumer Protection Measures: Safeguarding users' interests.
Passage of the GENIUS Act would represent a significant step toward comprehensive crypto oversight by the Senate. Regulatory clarity, long sought by crypto advocates, is expected to promote market stability and wider adoption of stablecoins.
Bo Hines, executive director of the President’s Council of Advisers on Digital Assets, previously stated that the US was close to passing key stablecoin legislation, possibly within two months of the Senate Banking Committee's approval. President Trump also urged Congress to establish a stablecoin regulatory framework to solidify the US dollar's global position.
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