The Stablecoin Bill in the United States is being amended before the important banking vote in the Senate
The updates to the GENIUS Act aim to regulate stablecoins, promote innovation, and protect consumers.
Stablecoin companies in the United States, such as USDC, gain an advantage through stricter rules compared to foreign competitors.
The GENIUS Act, led by Republicans, has seen significant updates amid bipartisan discussions. The U.S. Senate Banking Committee is set to vote on this stablecoin bill on March 13. The bill has been updated following discussions between Republicans and Democrats.
Republican Senator Bill Hagerty stated that he has submitted an update to the Guidance and Establishment of National Innovation for U.S. Stablecoins Act (GENIUS). He added that this law brings a clear regulatory framework for stablecoins and their use.
Hagerty emphasized the importance of stablecoins in enhancing transaction efficiency and driving demand for U.S. Treasury bonds. He also stated that this law would provide a secure and growth-friendly regulatory framework that would unleash innovation and support the President's mission to make America the capital of the cryptocurrency world.
