Michaela
The U.S. Senate Banking Committee will vote on the updated GENIUS Act, a Republican-led stablecoin bill revised after bipartisan negotiations.
In a March 10 press release, the U.S. Senate Banking Committee announced an updated version of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act. The legislation, aimed at creating a clear regulatory framework for payment stablecoins, was introduced by Senate Banking Committee Chairman Tim Scott, alongside Senators Bill Hagerty, Kirsten Gillibrand, Cynthia Lummis, and Angela Alsobrooks.
The committee is scheduled to vote on the legislation on March 13.
“This bipartisan agreement — the result of negotiations with stakeholders, industry, and members of both parties — will protect consumers and expand financial inclusion for Americans across the country,” Chairman Scott stated. “Stablecoins enable faster, cheaper, and competitive transactions and facilitate seamless cross-border payments. This legislation will ensure the industry can innovate and grow here in the United States while promoting the U.S. dollar’s global position,” he added.
Senator Gillibrand shared that the revised GENIUS Act strengthens key provisions, enhancing consumer protections, defining authorized stablecoin issuers, improving risk mitigation measures, outlining state regulatory pathways, addressing insolvency concerns, and increasing transparency.
The GENIUS Act, first introduced by Senator Hagerty in early February, outlines a regulatory framework for U.S. dollar stablecoin issuers. Under the proposal, companies with market capitalizations over $10 billion — currently limited to Tether and Circle’s USDC — would be subject to Federal Reserve oversight, while those below this threshold could choose to operate under state-level regulations.
“My legislation establishes 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. I look forward to working with Chairman French Hill and the House Financial Services Committee to get it to the President’s desk and signed into law,” Senator Haggerty said.
The GENIUS Act faces several legislative hurdles before it can become law. The Senate Banking Committee must first approve the bill before it moves to a full Senate vote, where lawmakers will have the opportunity to debate its provisions.
If it clears the Senate, the bill will advance to the House of Representatives. Should the House pass the legislation without amendments, it will be sent to President Donald Trump, who will decide whether to sign it into law or issue a veto.
During the recent Crypto Summit, President Trump stated that he hopes Congress will pass a stablecoin regulatory bill and send it to his desk before the August recess.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
