The US Senate is poised to vote on a landmark bill that would establish regulatory guidelines for stablecoin issuers in the United States, marking a significant milestone in the country's cryptocurrency legislation. Senate Majority Leader John Thune, a Republican from South Dakota, has set the wheels in motion to expedite the passage of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, a bill that aims to provide a framework for the issuance of stablecoins.
This move is expected to be followed by a similar vote in the House of Representatives. By fast-tracking the bill, Thune hopes to minimize delays and ensure its swift passage. Although the exact timing of the Senate vote remains uncertain, the bill has already garnered significant bipartisan support, with an earlier vote in the Senate Banking Committee approving it by a wide margin of 18-6. The House Financial Services Committee has also advanced a similar bill in April.
Senator Bill Hagerty, the Tennessee Republican who sponsored the bill, expressed his enthusiasm for the legislation, stating, "I look forward to passing the GENIUS Act soon to promote digital asset innovation in the US, safeguard customer interests, and ensure that foreign companies operate on a level playing field." The bill has also received backing from Senator Tim Scott, chairman of the Senate Banking Committee. According to Bo Hines, executive director of the Presidential Council of Advisers for Digital Assets, the two bills share a high degree of similarity, with approximately 90% of their content being identical. Hagerty has announced plans to introduce an updated version of the bill, which is expected to further facilitate its passage.