The GENIUS Act, proposed by Senator Bill Hagerty, aimed at establishing a framework for stablecoin issuers, advanced to the Senate floor following a Banking Committee markup. Despite bipartisan support, tension was evident during the debate, as Democrats proposed amendments for greater protections against money laundering and stricter licensing guidelines, which Republicans, including Hagerty and Senator Cynthia Lummis, opposed. They argued that the current bill already includes adequate anti-money laundering (AML) provisions and reserve guidelines. Senator Elizabeth Warren criticized Republican senators for their handling of the amendments. Ultimately, the bill moved forward with votes from four Democrats alongside Republican support. It will now be debated in the full Senate, where further amendments may be added before potentially moving to the House, where a similar bill, the STABLE Act, is under consideration.

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