#USStablecoinBill
The U.S. Senate is gearing up to vote on groundbreaking legislation that could establish federal regulations for stablecoin issuers, marking a significant milestone in crypto regulation. This would be the first time the Senate considers a major cryptocurrency bill.
Senate Majority Leader John Thune, a Republican from South Dakota, has initiated efforts to fast-track the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. This bill is the Senate's counterpart to similar legislation advancing in the House of Representatives. Thune’s move aims to minimize delays and expedite the process, though the exact date for the Senate vote remains uncertain. Notably, the Senate Banking Committee had already approved the bill with a strong bipartisan vote of 18-6, and the House Financial Services Committee advanced its version in April.
“I look forward to passing the GENIUS Act in short order to keep digital asset innovation in America, protect customers, and ensure foreign companies play by the same rules,” said Senator Bill Hagerty, the Tennessee Republican who authored the bill. The legislation also has the support of Senator Tim Scott, chairman of the Senate Banking Committee.
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Bo Hines, executive director of the Presidential Council of Advisers for Digital Assets and a key figure in former President Donald Trump’s crypto initiatives, told CoinDesk that the Senate and House bills are approximately 90% aligned. Lawmakers are now working to reconcile the remaining differences.
Hagerty announced plans to introduce an updated version of the bill, signaling progress toward finalizing the legislation. If passed, the GENIUS Act could solidify the U.S. as a leader in digital asset innovation while ensuring consumer protection and regulatory fairness.
