Senate Votes to Advance GENIUS Act for Stablecoin Regulation

Senator Bill Hagerty’s GENIUS Act, aimed at establishing regulatory guidelines for stablecoin issuers, advanced to the Senate floor after a Banking Committee markup.

Key points from the debate include:

Bipartisan support was limited; Democrats proposed amendments for enhanced money laundering protections and stricter licensing guidelines.
Republican members voted against these amendments, asserting that the current bill includes adequate AML provisions and reserve guidelines.
Four Democratic senators supported moving the bill out of committee.
The GENIUS Act will now be debated in the full Senate before potentially moving to the House.
A similar bill, the STABLE Act, is under consideration by the House Financial Services Committee but has not been formally introduced.