{"id":124814,"date":"2025-03-11T06:15:53","date_gmt":"2025-03-11T06:15:53","guid":{"rendered":"http:\/\/cryptospotters.net\/?p=124814"},"modified":"2025-03-11T06:15:53","modified_gmt":"2025-03-11T06:15:53","slug":"us-stablecoin-bill-gets-update-ahead-of-senate-banking-group-vote","status":"publish","type":"post","link":"http:\/\/cryptospotters.net\/?p=124814","title":{"rendered":"US stablecoin bill gets update ahead of Senate banking group vote"},"content":{"rendered":"<p>Source: Cointelegraph.com NewsUS Senate Banking Committee is set to vote on a Republican-led stablecoin framework bill on March 13, after it was updated following consultation with committee Democrats.<br \/>\nGOP Senator Bill Hagerty, one of the bill\u2019s co-sponsors, said on March 10 that he introduced an update of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, which would go to a Banking Committee vote on March 13.<br \/>\nHe added that the updated bill saw bipartisan consultation. The bill is co-sponsored by Republican Senators Cynthia Lummis and Tim Scott, who is also chair of the Banking Committee chair, along with Democrats Kirsten Gillibrand and Angela Alsobrooks.<br \/>\n\u201cThe updated version of the GENIUS Act makes significant improvements to a number of important provisions, including consumer protections, authorized stablecoin issuers, risk mitigation, state pathways, insolvency, transparency, and more,\u201d Gillibrand said in a statement.<br \/>\nHagerty first introduced the bill in early February. It aims to bring issuers of US dollar stablecoins with market caps over $10 billion \u2014 currently only Tether (USDT) and Circle\u2019s USDC (USDC) \u2014 under Federal Reserve regulations. Those under $10 billion could opt into state-level regulation.<br \/>\nWeb3 learning app EasyA co-founder Dom Kwok said on X that the latest version of the GENIUS Act, shared by FOX Business reporter Eleanor Terrett, gives \u201cUS-issued stablecoins a competitive advantage.\u201d<br \/>\nHe added that the bill now holds foreign stablecoin issuers to \u201cextra high standards\u201d in areas such as reserve and liquidity requirements, money laundering checks and sanctions checks.<br \/>\nSource: Dom Kwok\u201cMost foreign issuers will find these standards hard to meet,\u201d which gives Circle\u2019s USDC and Ripple Labs\u2019 Ripple USD (RLUSD) \u201can upper hand,\u201d he said.<br \/>\nRelated: Crypto needs policy change more than Bitcoin reserve \u2014 Execs<br \/>\nCrypto lawyer and Hogan &amp; Hogan partner Jeremy Hogan came to the same conclusion in a separate X post, saying the bill\u2019s requirements, particularly around reserves and Anti-Money Laundering checks, \u201call fall neatly for RLSUD and USDC.\u201d<br \/>\nThe GENIUS Act still has a way to go before becoming law. The Senate Banking Committee will have to vote to pass the bill and it will then be put to a full Senate floor vote where it could be debated.<br \/>\nIf it passes the Senate, it will head to the House. If the House doesn\u2019t change the bill, then it will be sent to President Donald Trump to sign into law or veto.<br \/>\nMagazine: How crypto laws are changing across the world in 2025\u00a0<a href=\"https:\/\/cointelegraph.com\/news\/us-stablecoin-bill-update-senate-banking-vote?utm_source=rss_feed&amp;utm_medium=rss&amp;utm_campaign=rss_partner_inbound\" target=\"_blank\" class=\"feedzy-rss-link-icon\" rel=\"noopener\">Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Source: Cointelegraph.com NewsUS Senate Banking Committee is set to vote on a Republican-led stablecoin framework bill on March 13, after it was updated following consultation with committee Democrats. GOP Senator&hellip; <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/124814"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=124814"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/124814\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=124814"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=124814"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=124814"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}