The U.S. Congress is currently debating two major bills aimed at regulating #ussstablecoins digital assets pegged to the U.S. dollar.
Senate: GENIUS Act Faces Democratic Pushback
The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, co-sponsored by Senators Bill Hagerty (R-TN) and Kirsten Gillibrand (D-NY), passed the Senate Banking Committee with bipartisan support. However, nine Senate Democrats have withdrawn their backing, citing concerns over inadequate provisions for anti-money laundering, national security, and financial oversight. Additionally, ethical concerns have arisen due to a $2 billion investment involving World Liberty Financial's USD1 stablecoin, a firm co-founded by Eric Trump.
House: STABLE Act Advances
In the House, Representatives Bryan Steil (R-WI) and French Hill (R-AR) introduced the Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act. This legislation aims to establish a framework for the issuance and operation of dollar-denominated payment stablecoins in the United States. The bill has cleared the House Financial Services Committee and is progressing through the legislative process.
The outcome of these legislative efforts will significantly impact the regulatory landscape for stablecoins in the U.S., influencing both innovation and consumer protection in the digital asset space.