cyrpto act, advances, Bipartisan, committee, Genius, Senate, vote Mark March 13, 2025 0 Comments

Senate committee advances GENIUS Act in bipartisan vote

The Banque Committee of the US Senate approved the guide and the establishment of the national law on innovation for American stables, moving it to a vote in the Senate.

Presented by Senator Bill Hagerty, the bill seeks to establish A federal framework for the regulation of stablescoin.

The committee adopted the bill with a vote of 18-6, including the support of five democrats. The Act on Engineering offers clear guidelines for stablecoin issuers, the processing of reserve requirements, audits, transparencyand license.

Senator Hagerty said that the bill would help the country to “direct financial innovation” while protecting consumers.

I am happy to see my genius act pass successfully from the Senate banking committee with bipartite support. This legislation is an essential first step in establishing a safe and pro-growth regulatory framework that will release innovation and will advance the president’s mission to … https://t.co/wngugnwa0

– Senator Bill Hagerty (@senatorhagery) March 13, 2025

During the committee hearing, several Democrats would have expressed concerns about the current form of the bill, but recognized the need for regulatory clarity. The Kirsten Gillibrand and Angela Alsobrooks senators co -pacarraine the bill, showing bipartite support.

However, some Democratic members have proposed changes to add stricter regulatory checks, most of which were elected by the Republican majority.

Stablecoin clarity

Chairman of the Committee, Senator Tim Scott describe Stablecoins as “Just Travelers checks the blockchain”, emphasizing the need for clear regulations. The committee’s classification democrat, senator Elizabeth Warren, opposed several provisions of the bill, call It is a “threat to national security”.

The bill is now waiting for a vote in the full Senate. If it is adopted, he will go to the House of Representatives before reaching an office of President Donald Trump for final approval.

The Act on Engineering represents a significant step towards the regulatory clarity of stablescoins in the United States. Its progress reflect continuous efforts to balance innovation with consumer protection in the landscape of rapidly changing digital assets.