#USStablecoinBill

The U.S. Senate’s efforts to regulate stablecoins have encountered significant challenges. The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, initially passed by the Senate Banking Committee with an 18–6 vote, is now facing bipartisan scrutiny. Nine Senate Democrats, who previously supported the bill, have withdrawn their backing, citing concerns over inadequate provisions for anti-money laundering and financial system risks .



The GENIUS Act aims to create a regulatory framework for stablecoin issuers, allowing state regulators to oversee issuers with a market cap up to $10 billion. It mandates monthly liquidity reports and classifies issuers as financial institutions for anti-money laundering purposes . However, the bill’s association with former President Donald Trump, whose family holds a 60% stake in World Liberty Financial—a company poised to benefit from a $2 billion stablecoin deal—has raised ethical concerns among lawmakers .  

Senate Majority Leader Chuck Schumer has urged Democrats to seek further revisions, particularly concerning foreign stablecoin issuers like Tether . Despite these challenges, the bill’s co-sponsors, including Senators Kirsten Gillibrand and Angela Alsobrooks, continue to advocate for its passage, emphasizing the need for a clear regulatory framework to ensure consumer protection and financial stability.

The GENIUS Act’s future remains uncertain as it awaits further debate and potential amendments in the Senate. #Write2Earn