The US Senate Banking Committee develops the stablecoin bill with bilateral support; Full Senate Vote
In accordance with President Trump’s incentive for the crypto industry, the US Senate Banking Committee successfully put forward a bill that regulates Stablecoins. This points to an important movement to reach President Trump’s desk for the signature of the legislation. The bill cleared the committee with 18-6 votes and benefited from the support of five Senate Democrats who participated in the Republicans to advance the proposal.
Stablecoin editing bill goes to Trump
The US Senate Banking Committee has progressed with a critical move for the presidential approval of the Crypto currency industry industry. After receiving the approval of the Opening Committee, the bill, which aims to regulate the US Stablecoin exporters as federal, is preparing for a Senate vote with a similar bill waiting in the House of Representatives.
Despite a few obstacles, such as agreement between the Senate and Parliamentary versions, the committee bill was successfully passed by 18-6 votes.
Among the Democrats who supported the passage of the Genius Law were Bill Joint Sponsor Angela Alsobrooks and Senate Banking Committee members Mark Warner, Andy Kim, Lisa Blunt Rochester and Ruben Gallego. Bill Hagerty, the sponsor of Bill, expressed his purpose of bringing the bill to a full senate vote by the end of April.
Read also: Just In: Senator Hagerty introduced the Genius Law to regulate Stablecoins
At the Senate Banking Committee meeting on Thursday, Senator Elizabeth Warren, a known crypto currency skeptic, proposed various changes in the Genius Law. This legislation aims to establish a legal framework that allows non -bank stablecoin exporters to operate within the US economy.
Senator Elizabeth Warren proposed changes in the Genius Law, which will list Stablecoin exporters when used for illegal activities such as the enemies of state enemies, drug trafficking or child pornography.
He also proposed to expand the regulations of the law to include crypto exchanges and other organizations interested in Stablecoins. However, the changes he proposed were rejected along the party lines.
Republican majority gives priority to stablecoin legislation
Towards the end of the hearing, Elizabeth emphasized its numerous deficiencies, and the timing of the progress of Donald Trump’s reports that a company known for legal violations and his reports that he tried to start his own Stablecoin. He referred to the news that World Liberty Financial associated with Trump negotiated the crypto change with Binance.
While Warren claimed that Trump made an agreement with what he calls the Criminal Stablecoin platform, he criticized his decision to push the bill and said it was a possible mistake to regret.
“It offers common sense rules that protect consumers, promote competition and promote innovation. It is time to provide desperate clarity and stability of our country and innovators. “
This year, he’s gathering two -party support at the Congress for crypto industry policies. A noteworthy success involved in overthrowing a IRS rule against the sector. After the 2024 elections controlled the Republicans both rooms, the Stablecoin legislation became a key priority under the leadership of Scott.
