Senate Committee Approves Stablecoin Bill
Date: 2025-03-17 Author: Henry Casey Categories: CRYPTO PAYMENTS
The US Senate Banking Committee has approved a bill, tentatively titled "GENIUS", which establishes legal standards for issuers of stablecoins. Its goal is to minimize risks, protect consumers, and ensure the stability of the country's financial system. The document is aimed at preventing threats associated with the lack of reserve coverage and oversight by regulators.
During the debate on the bill, Senator Elizabeth Warren expressed strong disagreement with its provisions. She said that the proposed measures could hand over control of the US monetary system to tech billionaires, including Elon Musk. During a vote on March 13, the committee approved the bill by a majority vote, despite vocal opposition from Warren. None of her proposed amendments, including a ban on the issuance of stablecoins by companies not associated with the banking sector, were adopted.
Committee Chairman Tim Scott called the approval of the bill an important step towards technological progress and common sense. He emphasized that the new regulatory framework will help the development of digital assets in the United States, while ensuring transparency and financial security.
President Donald Trump previously announced his intention to support the cryptocurrency sector, emphasizing its importance for economic growth and US leadership in financial innovation.
