U.S. Stablecoin Bill GENIUS Act May Move to Senate Debate Next Week
The U.S. Senate is set to debate the "Guiding and Establishing National Innovation for U.S. Stablecoins" (GENIUS) Act next week, which aims to create a regulatory framework for stablecoin issuers. Key points include:
- Senator Hagerty emphasizes the importance of establishing standards for payment stablecoins like USDC and USDT.
- The latest draft addresses concerns from Democrats regarding consumer protection and national security.
- Public companies such as Meta are excluded from issuing stablecoins, while private firms could still qualify.
- Senator Gillibrand highlights bipartisan efforts and the necessity of consumer protections in the legislation.
- The bill requires 60 votes to advance after failing a recent cloture vote, with continued discussions expected.
- Concerns about corporate influence and Trump's involvement in crypto have complicated negotiations.
- The House is developing its own version of the bill for reconciliation before final approval.
Senators face challenges but aim to progress legislation vital for the future of stablecoins in the U.S. financial ecosystem.