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U.S. Senate Advances GENIUS Act for Stablecoin Regulation

Solomon M. by Solomon M.
May 29, 2025
in Latest News
Key Points:
  • Introduction of the GENIUS Act to regulate stablecoins.
  • Senator Bill Hagerty leads bipartisan support.
  • Potential impact on U.S. financial markets and crypto regulation.
u-s-senate-advances-genius-act-for-stablecoin-regulation
U.S. Senate Advances GENIUS Act for Stablecoin Regulation

The U.S. Senate is set to debate the GENIUS Act next week, spearheaded by Senators Bill Hagerty and Kirsten Gillibrand, aiming to establish a regulatory framework for stablecoins in the U.S.

Senator Bill Hagerty emphasizes the bill’s potential to cement U.S. dollar dominance and encourage innovation within the digital asset space. The bipartisan backing includes Senators Tim Scott and Cynthia Lummis, highlighting a unified effort across parties.

Senator Bill Hagerty, U.S. Senator, Senate Banking Committee, – “Next week, the Senate will make history when we debate and pass the GENIUS Act that establishes the first ever pro-growth regulatory framework for payment stablecoins. This bill will cement US dollar dominance, protect customers, increase demand for US treasuries, and ensure that innovation in the digital asset space is in the hands of the United States of America, not our adversaries.” source

The GENIUS Act seeks to establish a pro-growth regulatory framework for payment stablecoins, intended to increase demand for U.S. treasuries. Analysts note that the bill could have significant implications on how stablecoins are treated, possibly not classifying them as securities.

The regulation could transform the U.S. Treasury market by boosting demand for government debt. It sets licensing procedures and reserve requirements for stablecoin issuers. Some academics, however, critique its consumer protections as “dangerously weak” and flawed.

These developments follow past stablecoin failures that saw price peg losses. Currently, stablecoins lack federal insurance; the GENIUS Act positions itself to close these regulatory gaps. Debate in the Senate is expected to mark a shift in crypto regulatory landscape.

Further outcomes might involve regulatory and technological shifts affecting financial inclusion and innovation. Historical evidence suggests potential credit and systemic risks; the GENIUS Act seeks to address these within a regulated framework.

Disclaimer:

The content on The CCPress is provided for informational purposes only and should not be considered financial or investment advice. Cryptocurrency investments carry inherent risks. Please consult a qualified financial advisor before making any investment decisions.

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