US Senate Committee Approves Stablecoin Bill
Date: 2025-03-14 Author: Oliver Abernathy Categories: IN WORLD
The bill received 18 votes in favor and six against during the vote, after which it was sent to the full upper house of Congress for consideration.
The discussion of the document sparked debate among Democrats. Senator Elizabeth Warren harshly criticized the initiative, saying that it posed a threat to national security. However, the proposed changes were not adopted.
“Pushing this bill forward in its current form is insane, given all the flaws that have been identified, especially now that information is emerging that Donald Trump is allegedly working on his own stablecoin in partnership with a structure with a dubious reputation,” Warren said during the hearing.
The senator was likely referring to recent reports about the Trump family’s negotiations with Binance. The exchange's co-founder, Changpeng Zhao, denied the information. In 2023, Zhao was found guilty of money laundering charges, which resulted in a $50 million fine and a four-month prison sentence. The exchange was also fined $4.32 billion.
Republican Hagerty, who initiated the "GENIUS Act" (National Innovation and Guidance for U.S. Stablecoins Act), emphasized that the document was the result of a bipartisan effort. Its co-authors include Democratic Senators Kirsten Gillibrand and Angela Alsobrooks.
According to Hagerty, the proposed measures ensure consumer protection, promote competition, and stimulate innovation in the financial sector.
In parallel, Congressmen French Hill and Brian Steil are promoting their own legislative initiative to regulate stablecoins.
It is worth noting that in January, Trump created a working group on digital assets, which identified regulation of stablecoins as one of its key tasks.
Meanwhile, the capitalization of the stablecoin market has reached $236 billion, overtaking the same indicator of Ethereum. According to the FT, a number of global banks and fintech companies are considering the possibility of issuing their own digital assets to take a position in the dynamically developing sector.
