#USStablecoinBill
US Senate Stablecoin Regulation Update
In mid-March, the US Senate’s Genius Act to regulate stablecoins passed the Banking Committee with an 18-6 vote, including support from five Democrats.
However, nine pro-crypto Democrats expressed opposition to the current version, citing insufficient provisions on anti-money laundering and national security. Cloture requires 60 votes, necessitating Democrat support, which may be jeopardized. Additionally, Trump-affiliated crypto activities, including plans for a stablecoin by World Liberty Financial, complicate the situation, attracting criticism from lawmakers like Senator Warren.
As a result, regulatory clarity on stablecoins is now uncertain, and further revisions to the Bill are anticipated.