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A bill aimed at regulating stablecoins, known as the GENIUS Act, has cleared a major hurdle in the US Senate.
The Senate Banking Committee approved the measure with an 18-6 vote, gaining backing from both Republicans and several Democrats. This approval sets the stage for a full Senate vote, which could take place by the end of April.
Republican Senator Bill Hagerty (R-TN), who introduced the bill, emphasized its role in providing stablecoin issuers with clear regulatory options at both state and national levels.
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Five Democrats—Angela Alsobrooks (D-MD), Mark Warner (D-VA), Andy Kim (D-NJ), Lisa Blunt Rochester (D-DE), and Ruben Gallego (D-AZ)—joined Republicans in supporting the legislation.
Meanwhile, the bill faced opposition from Senator Elizabeth Warren (D-MA), a longtime critic of cryptocurrency. She pushed for additional measures that would have barred stablecoin issuers linked to illegal activity, such as drug trafficking.
Another proposal aimed to extend the bill’s oversight to include crypto exchanges and other platforms dealing with stablecoins. However, all of her proposed amendments were rejected, mostly along party lines.
Frustrated by the outcome, Warren questioned the committee’s decision, stating, “Who are we trying to protect, Iran and North Korea?” She later clarified that while she was not against stablecoins, she wanted stronger protections in place.
Recently, Nebraska introduced new regulations to combat fraud at cryptocurrency ATMs. What do they entail? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.
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