TechFlow news, according to CoinDesk, the U.S. Senate Banking Committee passed a cryptocurrency industry stablecoin regulatory bill on March 13 by an 18-to-6 vote, marking the first significant step toward becoming law. The bill's official title is the "Guidance and Establishment of National Innovation in United States Stablecoins Act" (GENIUS Act), which would establish federal oversight of stablecoin issuers in the United States.
The bill was spearheaded by Republican Senator Bill Hagerty of Tennessee and co-sponsored by Democratic Senators Kirsten Gillibrand of New York and Angela Alsobrooks of Maryland. Hagerty called it a "true bipartisan effort," establishing "common-sense rules that protect consumers, promote competition, and encourage innovation."
Senate Banking Committee Chairman Tim Scott, a Republican from South Carolina, said, "We've been working around the clock, including weekends, to finalize this legislation." However, Senator Elizabeth Warren, the committee's top Democrat, strongly opposed the bill, calling it a "clear threat to national security" and expressing disappointment that all her proposed amendments were rejected.
The bill must now be approved by the full Senate, while a similar version must also pass in the House of Representatives. Although multiple hurdles remain—including the eventual need to reconcile differences between the two chambers' versions—this committee approval marks a critical step forward for the stablecoin regulatory framework toward being signed into law by President Trump.
