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U.S. Senate Moves Forward with Stablecoin Regulation Bill
Senate Banking Committee Approves GENIUS Act, Paving the Way for Stablecoin Oversight
By Jesse Hamilton, Cheyenne Ligon | Edited by Nikhilesh De
Updated: March 13, 2025, 5:32 PM UTC | Published: March 13, 2025, 4:51 PM UTC
The U.S. Senate Banking Committee, under the leadership of Senator Tim Scott, has taken a major step toward regulating stablecoins by approving the GENIUS Act. The legislation, which establishes a framework for overseeing stablecoin issuers, passed the committee with an 18-6 vote.
This approval marks a key milestone in bringing stablecoin regulation closer to becoming law. However, before it can take effect, the bill must also clear the House of Representatives and secure passage in both chambers of Congress.
If enacted, the bill could bring much-needed clarity to the stablecoin industry, addressing concerns around consumer protection, financial stability, and market integrity.