Senate to Vote on GENIUS Act for US Stablecoins on May 8
The Guiding and Establishing National Innovation for US Stablecoins (GENIUS) is a proposed regulatory framework for payment stablecoins. Key points include:
- Voting on the GENIUS bill will begin on May 8, requiring 60 "Yes" votes to advance.
- Senator Bill Hagerty leads the bill, supported by Senators Tim Scott and Cynthia Lummis.
- The legislation mandates that stablecoins be fully backed by US dollars and short-term Treasuries.
- Brian Armstrong, CEO of Coinbase, supports the bill and encourages further legislative action.
- Democratic opposition is based on concerns over foreign stablecoin issuers and AML provisions.
- Republican senators, including Rand Paul and Josh Hawley, have expressed hesitance regarding the necessity and implications of the bill.
- Senate Majority Leader John Thune has initiated procedural steps toward voting.
Current Republican support stands at 53 seats, necessitating some Democratic backing for passage. Democrats are wary due to potential risks associated with President Trump's influence in cryptocurrency and calls for enhanced safeguards.