US EditionKey Senate Democrat backing stablecoin legislation
- The Senate advanced the GENIUS Act on Monday night with bipartisan support to regulate stablecoins in the United States.
- This legislative push followed concerns about unregulated stablecoins causing financial instability and the need for clearer consumer protections and national security safeguards.
- The bill sets bank-like standards for issuers, requires one-to-one reserves, bans unbacked algorithmic stablecoins, and imposes strict oversight on foreign and big tech stablecoin issuers.
- The procedural vote passed 66-32 with 16 Democrats supporting despite opposition from Senator Elizabeth Warren, who criticized weak anti-money-laundering and consumer protections.
- The bill’s progress implies a significant regulatory framework for stablecoins that could shape U.S. Financial innovation and security but still faces some Democratic opposition and further Senate votes.
8 Articles
8 Articles
STATEMENT OF U.S. SEN. MARK WARNER ON THE GENIUS ACT
Tweet WASHINGTON – U.S. Sen. Mark R. Warner (D-VA) released the following statement ahead of a Senate procedural vote on a revised version of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act: “The stablecoin market has reached nearly $250 billion and the U.S. can’t afford to keep standing on the sidelines. We need clear rules of the road to protect consumers, defend national security, and support responsible inn…
Key Senate Democrat backing stablecoin legislation
Sen. Mark Warner (D-Va.) backed legislation Monday establishing a regulatory framework for payment stablecoins, as Senate leadership prepares to bring the bill to the floor once again. Warner represents a key Democratic voice of support for the GENIUS Act ahead of a procedural vote to move forward with consideration of the bill, which is expected…
Senate stablecoin vote splits Democrats amid concerns over corruption
US Senate Democrats are getting flak after they helped move stablecoin legislation ahead for discussion on the Senate floor.On May 19, 16 Democratic senators broke from the party line to pass a motion to invoke cloture, which will now set the bill up for debate on the Senate floor. Some of the same Democrats had held up the bill in early May when they withdrew support, citing corruption concerns over President Donald Trump’s cryptocurrency deali…
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