Senate Majority Leader John Thune (R-S.D.) will expedite a Senate vote on legislation to create a regulatory framework for payment stablecoins, the bill’s sponsors announced yesterday.
The Guiding and Establishing National Innovation for U.S. Stablecoins, or GENIUS, Act [S.394] would establish procedures for institutions seeking licenses to issue stablecoins, implement reserve requirements and create “light-touch, tailored regulatory standards” for stablecoin issuers, according to a summary by the bill’s sponsors. The Senate Banking Committee in March voted to advance the bill, with a few committee Democrats joining Republicans in support of the legislation.
The GENIUS Act is sponsored by Sen. Bill Hagerty (R-Tenn.) and co-sponsored by committee Chairman Tim Scott (R-S.C.) and Sen. Cynthia Lummis (R-Wyo.). In a statement, Hagerty said the bill “establishes a clear, pro-growth and secure regulatory framework to modernize our payments system and cement U.S. dollar dominance.”
No date has been announced for a Senate vote on the bill as of Friday.
