Senate Majority Leader Expedites Vote on Landmark Stablecoin Bill
Senate Majority Leader John Thune has initiated procedures to expedite a vote on the GENIUS Act, the first regulatory framework for stablecoins in the U.S. The bill, sponsored by Senator Bill Hagerty and co-sponsored by Senators Tim Scott and Cynthia Lummis, aims to regulate stablecoins pegged to the U.S. dollar and is seen as a step towards establishing a regulatory framework for digital assets. The legislation passed out of committee in March, with a full floor vote expected by the end of April. The GENIUS Act seeks to reinforce U.S. dollar dominance in global finance but faces opposition from traditional banking advocates who argue it poses risks to consumers and the financial system. Concerns include competition between nonbank stablecoin issuers and FDIC-insured banks. The Senate bill differs from the House's STABLE Bill in key areas, including reserve requirements and regulations on algorithmic stablecoins. The Trump administration aims to have both bills signed before Congress's August recess. Coinbase is reportedly attempting to prevent both bills from reaching votes, with support from venture capital firm Andreessen Horowitz.
