The stablecoin bill sponsored by Senator Bill Hagerty (R-TN) is moving to the next stage of the legislative process after securing support from the Senate Banking Committee with a bipartisan 18-6 vote.
The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act aims to establish clarity on the regulation of stablecoins – cryptocurrencies that are pegged to the value of another asset such as a fiat currency like the US dollar.
Hagerty says a regulatory framework for stablecoins can improve transaction efficiency, free up working capital and drive demand for the US treasury.
“The Genius Act has gained bipartisan support because it presents common sense rules that protect consumers, promote competition, and foster innovation. It’s time we provide the clarity and stability that our country and its innovators so desperately need.”
The proposed legislation now inches closer to becoming a law. The bill has to pass the Senate and the House of Representatives before it can be turned over to President Donald Trump for final approval.
Says Hagerty,
“I’m pleased to see my GENIUS Act successfully pass out of the Senate Banking Committee with bipartisan support. This legislation is a critical first step in establishing a safe and pro-growth regulatory framework that will unleash innovation and advance the President’s mission to make America the world capital of crypto.”
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