The US Senate is set to consider a bill regarding stablecoins, known as the GENIUS Act. This legislation may establish a legal and regulatory framework for stablecoins in the US.
Voting on the GENIUS Act
Lawmakers in the Senate have scheduled a vote on the stablecoin regulation bill, the GENIUS Act, for June 17. A notice from Senate Democrats indicated that the full chamber will vote after a majority chose to invoke cloture on the bill.
Stablecoin Legislation in Congress
Concurrent with the discussions in the Senate, efforts in the House of Representatives are underway with the introduction of the CLARITY Act, which aims to define clear roles for the SEC and CFTC over digital assets. Both bills are under consideration and await bipartisan support.
Bipartisan Support and the Future of Bills
Despite differing opinions, discussions regarding both bills continue. With Republicans holding a slim majority in both chambers, it remains unclear whether there will be enough votes for the bills to pass. Some senators, like Josh Hawley from Missouri, have already expressed opposition to the proposed amendments.
The status of the current bills regarding stablecoins in the Senate and the House of Representatives indicates that legislation in the field of digital assets continues to evolve. If passed, these bills may significantly alter the regulatory landscape for stablecoins in the US.
