U.S. Senate Takes Key Step to Regulate Stablecoins 🇺🇸
The U.S. Senate Banking Committee has approved a bill to regulate stablecoins — the GENIUS Act, marking a crucial first step toward its adoption. The bill passed with an 18-6 vote and now heads to the Senate floor.
This initiative sparked heated debates. Democrats, particularly Senator Elizabeth Warren, criticized the bill, claiming it poses a "clear threat to national security" in its current form. Warren also expressed frustration that her proposals to strengthen regulatory controls were rejected.
Despite the controversies, Republicans highlight that the bill is a result of bipartisan cooperation and incorporates input from both sides. Now, the GENIUS Act awaits further consideration in the House of Representatives and the Senate before it can become law.
