The US Senate Banking Committee has chosen the introduction of the Us Stablecoins (Genus) national innovation law in a vote 18-6.
None of the amendments suggested by Senator Elizabeth Warren have reached invoiceIncluding its proposal to reduce the Stablecoin version of banking institutions.
“Without changes, this bill will establish terrorist financing. Warren said,” It will make the sanctions escape from Iran, North Korea and Russia easier. “
Senator Warren argues the inclusion of amendments to the draft law. source: The US Senate Banking Committee
Senator Tim Scott, Chairman of the Senate Banking Committee, described the bill as a victory for innovation. Al -Senator said:
“The genius law creates the rules of good sense that require Stablecoin exporters to preserve the individual -backed reserves, comply with the anti -money laundering laws, and to eventually protect American consumers while promoting the power of the US dollar in the global economy.”
The draft law still has a vote in both the two congressional rooms before it is handed over to President Trump and ultimately signed a law.
However, the Senate Banking Committee, which provides the draft law, represents the first step in a clear comprehensive legislation requested by the encryption industry.
Senator Tim Scott, Chairman of the Senate Banking Committee, leads the session. source: The US Senate Banking Committee
Related to: The Genius Stablecoin Bill is the CBDC TOJAN – Defi Exec
The genius law is reformed to show more strict judgments
Senator Bill Hajri, who submitted the draft law in February 2025, defended legislation against the proposed amendments from Senator Warren, on the pretext that the draft law has already included provisions for consumer protection, money laundering, and crime prevention.
On March 10, Hagerty announced that the draft law had been updated to include stricter reserve requirements for Stablecoin, AML provisions, guarantee against terrorist financing, transparent risk management measures, and conditions for compliance with sanctions.
According to For DOM KWOK, the founder of the Web3 Easy A learning platform, the newly -added provisions will make it difficult for foreign Stablecoin exporters compliance, giving US -based companies their competitive headquarters.
Senator Bell Hajari defends his bill of proposed amendments. source: The Senate Banking Committee
Lawyer Jeremy Hogan said that the genius law indicates an imminent merger of the traditional financial system with Stablecoins.
“The legislation is explicitly planning to interact with the traditional digital banking system. The lawyer wrote on March 10 x mail.
During the White House encryption summit on March 7, US Treasury Secretary, Scott Payette, explicitly said that the Trump administration will benefit from Stablecoins to protect the global reserves of the US dollar.
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