The US Senate Banking Committee is about to put on a show, folks 🎪. They’re set to vote on a Republican-led stablecoin framework bill on March 13th, after it was updated following a “consultation” with committee Democrats. Apparently, even Democrats can agree on something 🤨.
Senator Bill Hagerty, one of the bill’s co-sponsors, announced this update on March 10th. He called it the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act. 🤔 The name alone should tell you everything you need to know. It’s co-sponsored by a whole crew of Senators: Republicans Cynthia Lummis and Tim Scott (who’s also the Banking Committee chair), and Democrats Kirsten Gillibrand and Angela Alsobrooks.
Gillibrand, bless her heart, said in a statement that the updated bill makes “significant improvements.” She must be talking about the font size 🤓. The bill aims to bring issuers of US dollar stablecoins with market caps over $10 billion — that’s just Tether (USDT) and Circle’s USDC (USDC) — under Federal Reserve regulations. Smaller players can opt for state-level regulation.
Web3 learning app EasyA co-founder Dom Kwok thinks this latest version of the GENIUS Act gives “US-issued stablecoins a competitive advantage.” He’s probably got his popcorn ready🍿. He says the bill now holds foreign stablecoin issuers to “extra high standards.”
Crypto lawyer and Hogan & Hogan partner Jeremy Hogan agrees, saying the bill’s requirements, especially on reserves and Anti-Money Laundering checks, are perfect for Ripple USD (RLUSD) and USDC.
So, there you have it. The GENIUS Act still has a long way to go before becoming law. It needs to pass the Senate Banking Committee, the full Senate floor, and then the House. And don’t forget about President Donald Trump—he might just veto the whole thing.
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2025-03-11 09:13