Senate Banking Committee votes to advance stablecoin bill, collecting support from both Democrats and Republicans
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Senate Banking Committee votes to advance stablecoin bill, collecting support from both Democrats and Republicans
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12:00am, Thursday, March 13, 2025
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U.S. Senate Banking Committee advanced GENIUS Stablecoin Bill to the Senate
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Work is also underway in the House to regulate stablecoins. Though the GENIUS Act is not a companion to the House's version, lawmakers say it shows an effort among Republicans to work on key issues.
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On the other side of the aisle, some Democrats have expressed unease toward the GENIUS Act. Sen. Elizabeth Warren's staff circulated a memo outlining their opposition to the bill, which they say "fails" to protect consumers, competition and national security, according to Politico. The memo also includes arguments that the bill would allow firms, such as big tech companies, to issue their own currencies, Fortune reported. Warren offered several amendments on Thursday, including one involving firms being able to issue their own stablecoins. Big tech billionaires like Elon Musk could use their own currencies to compete with the U.S. dollar, Warren said.
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