#USStablecoinBill Senate Majority Leader John Thune (R-S.D.) will expedite a Senate vote on legislation to create a regulatory framework for payment stablecoins, the bill’s sponsors announced yesterday.
The Guiding and Establishing National Innovation for U.S. Stablecoins, or GENIUS, Act [S.394] would establish procedures for institutions seeking licenses to issue stablecoins, implement reserve requirements and create “light-touch, tailored regulatory standards” for stablecoin issuers, according to a summary by the bill’s sponsors. The Senate Banking Committee in March voted to advance the bill, with a few committee Democrats joining Republicans in support of the legislation.
The GENIUS Act is sponsored by Sen. Bill Hagerty (R-Tenn.) and co-sponsored by committee Chairman Tim Scott (R-S.C.) and Sen. Cynthia Lummis (R-Wyo.). In a statement, Hagerty said the bill “establishes a clear, pro-growth and secure regulatory framework to modernize our payments system and cement U.S. dollar dominance.”
No date has been announced for a Senate vote on the bill as of Friday.
The future of the U.S. Senate’s stablecoin bill has been thrown into jeopardy after nine pro-crypto Democrats, including four who supported the bill, said “numerous issues” prevent them from supporting the bill in its current form.
The Democrats said the bill needs stronger provisions on national security and anti-money laundering policy, days before it was expected to hit the floor of the Senate.
Days before the bipartisan GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins) was set to hit the floor of the Senate, the future of the legislation has been thrown into question after nine Senate Democrats came out against the legislation in its current form.
The group includes four senators who voted to advance the bill out of the Senate Banking Committee in March, accord in to Politico: Ruben Gallego (AZ), Andy Kim (NJ), Lisa Blunt Rochester (DE), and Mark Warner (VA).