The bill is set to be presented to the House committee for discussion on June 13, and if approved, it could become the first example of cryptocurrency legislation in the United States.
The U.S. Senate Banking Committee has taken significant steps toward advancing stablecoin legislation. The GENIUS Act, introduced by Senator Bill Hagerty (R-TN) and co-sponsored by Senators Tim Scott (R-SC), Kirsten Gillibrand (D-NY), Cynthia Lummis (R-WY), and Angela Alsobrooks (D-MD), aims to establish a federal licensing and oversight framework for payment stablecoins and their issuers.
This bill was approved by the Senate Banking Committee on March 13, 2025, with 18 votes in favor and 6 against, bringing it closer to becoming law.
The Chamber of Deputies also introduced its version of the stablecoin bill, known as the STABLE Act, which was approved by the House Financial Services Committee on March 26, 2025.
Both bills aim to create a regulatory framework for stablecoins, but they differ in some aspects. For instance, the STABLE Act includes a two-year moratorium on the issuance of endogenously collateralized stablecoins, which maintain their value relying solely on the value of another digital asset.
The government, led by President Donald Trump, aims to have the STABLE Act and the GENIUS Act signed before the August recess.
However, there are concerns about the current versions of these bills. Senator Elizabeth Warren (D-MA) criticized the GENIUS Act for lacking basic safeguards and consumer protections, and for potentially inviting scammers into the market.
Cryptocurrency executives also made a last-minute appeal to Congress to allow interest to be paid in stablecoins, but this was met with mixed reactions from lawmakers and financial sector watchdogs.
