Senate Majority Leader Expedites Vote on Landmark Stablecoin Bill

By: bitcoin ethereum news|2025/05/03 06:45:01
0
Share
copy
In brief GENIUS Act seeks to establish a comprehensive regulatory framework for U.S. stablecoins. The bill faces criticism over potential impacts on traditional banking. Its legislative code differs from the House’s STABLE Act in regulatory approach and reserve assets. Senate Majority Leader John Thune (R-SD) initiated procedures Wednesday to expedite a vote on the first-ever regulatory framework for stablecoins in the U.S. Thune is urging senators to fast-track the GENIUS Act , a bill that seeks to regulate stablecoins pegged to the U.S. dollar. The bill is sponsored by Senator Bill Hagerty and co-sponsored by Senators Tim Scott (R-SC) and Cynthia Lummis (R-WY). It’s part of a “critical first step” to deliver on President Donald Trump and the American people’s “mandate to advance a regulatory framework for digital assets,” National Republican Senatorial Committee chair Scott said in a statement on Thursday. The legislation passed out of committee earlier in March, with Senator Hagerty saying he’s expecting a full floor vote by the end of April. The GENIUS Act’s significance extends beyond creating rules for stablecoins. More broadly, it aims to cement U.S. dollar dominance in global finance. However, the bill faces substantial opposition from traditional banking advocates. The Senate stablecoin bill is “deeply flawed” and poses “grave and unacceptable dangers” to consumers and the broader financial system, Arthur Wilmarth, Professor Emeritus of Law at The George Washington University, opined in March in an American Banker piece based on a policy brief he wrote in February. Wilmarth argues that nonbank stablecoin issuers could compete with FDIC-insured banks by offering “shadow deposits,” potentially undermining the traditional banking system. The professor has voiced concerns that the bill could allow Big Tech and other commercial enterprises to acquire non-bank stablecoin issuers and use stablecoins to enter the banking industry. It’s worth noting that the Senate’s GENIUS Act, in its current version , differs from the House’s STABLE Bill in three key areas. The Senate bill allows money market funds to be used as reserves, while the House version is more restrictive. Both provide a $10 billion threshold, but with different approaches. They also differ on algorithmic stablecoins: STABLE imposes a two-year moratorium while GENIUS only requires a brief study. The Trump administration is reportedly eager to have both bills signed before Congress’s August recess. Last week, Decrypt reported that Coinbase, the largest crypto firm in the U.S., is allegedly trying to prevent both the GENIUS Act and the STABLE Act from reaching floor votes. Tech venture capital firm Andreessen Horowitz had been “sympathetic” to delaying votes on stablecoin legislation and has been helping Coinbase in its efforts, sources told Decrypt . Edited by Sebastian Sinclair Daily Debrief Newsletter Start every day with the top news stories right now, plus original features, a podcast, videos and more. Source: https://decrypt.co/317533/senate-majority-leader-expedites-vote-on-landmark-stablecoin-bill

-- Price

--

You may also like

A company that was on the verge of bankruptcy has just surpassed Bitcoin in market value

In this wave of AI, capital is clearly more inclined to pay a premium for segments that have real orders, visible supply bottlenecks, and quantifiable profits, which also puts the Crypto AI narrative under more direct scrutiny regarding the certainty of value realization.

B.AI partners with MiniMax to launch a limited-time free experience of M3, enabling zero-threshold implementation of Agentic productivity through full-stack infrastructure

B.AI and MiniMax launch a limited-time free offer for M3, allowing access to top-tier large model core computing power with no threshold.

The second half of the computing power battle: Intel CEO Pat Gelsinger reveals how AI is reshaping the global semiconductor supply chain

Intel CEO Pat Gelsinger's latest discussion: The AI computing power battle has gone beyond the single-point competition of GPUs; the ultimate trump card is to comprehensively restructure the semiconductor supply chain and solve the systemic bottlenecks in advanced manufacturing.

WEEX Live mode: Monitor 20 trading pairs at once and trade like a pro

WEEX Live mode: Multi-screen desktop layout for 20 pairs, TradingView charts, one-click layout, and smart guides. Trade like a pro now.

Morning Report | Secret Network loses $4.67 million due to cross-chain vulnerability; Michael Saylor releases Bitcoin Tracker information again, may disclose increased holdings data next week

Overview of Important Market Events on June 21

Kalshi's biggest competitor is not Polymarket

The competitive logic of the prediction market has changed.

Contents

Popular coins

Latest Crypto News

Read more
iconiconiconiconiconiconicon
Customer Support:@weikecs
Business Cooperation:@weikecs
Quant Trading & MM:bd@weex.com
VIP Program:support@weex.com