A key committee in the US House of Representatives plans to review a stablecoin legislation bill on April 2, 2025. The bill has garnered support from both Republicans and Democrats, promising significant changes in the regulation of stablecoins.
Bipartisan Support for the Bill
The GENIUS Act, proposed by Senators Bill Hagerty and Tim Scott, has swiftly gained support from both parties. On March 13, the Senate Banking Committee voted to advance the bill, with five Democratic senators joining the Republican majority.
Comments on Consumer Protection
Committee Chairman French Hill expressed that regulating the stablecoin market will strengthen the dollar and improve payment systems. Crypto firms argue that stablecoins could aid financial inclusion by offering cheaper and faster transactions.
Critics and Concerns
However, not everyone agrees with the bill. Critics like Maxine Walters and Elizabeth Warren argue that it does not adequately protect consumers. They also favor banning tech companies like X and Meta Platforms Inc. from issuing their own stablecoins. Experts are further concerned about the lack of FDIC insurance for stablecoins.
Whether the stablecoin bill will pass in the House remains to be seen, but it's clear that the issue of cryptocurrency regulation sparks intense debate.
