The United States Senate Banking Committee has advanced the GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins) with an 18-6 vote, despite opposition from some Democrat lawmakers, including Senator Elizabeth Warren. Warren's proposals for amendments were not included in the bill, which she argues could facilitate terrorism financing and sanctions evasion by countries like Iran and North Korea. Senator Tim Scott, the committee chairman, hailed the bill as a victory for innovation, stating that it enforces strict rules requiring stablecoin issuers to back reserves one-to-one and comply with anti-money laundering laws, thus safeguarding American consumers and strengthening the U.S. dollar's global position. Additional provisions were incorporated by Senator Bill Hagerty, promoting consumer protection and anti-financial crime measures. The passage through the committee is a significant step towards clearer legislation requested by the crypto industry, although it must still clear both chambers of Congress before reaching the President for signing into law.

Source 🔗