1 month ago
U.S. Senate Majority Leader John Thune has started the process toward a ballot connected the authorities to found rules for stablecoin issuers.
May 1, 2025, 11:32 p.m.
The U.S. Senate whitethorn soon ballot connected authorities that would found U.S. regulations for the issuers of stablecoins, besides marking the archetypal clip the enclosure has considered a large crypto bill.
Senate Majority Leader John Thune, a South Dakota Republican, started the shot rolling to fast-track the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which is the Senate's mentation of 2 akin bills rolling done some chambers of Congress. The House of Representatives is expected to travel intimately down connected its ain voting. Thune's determination to expedite the measure is meant to bounds delays and level enactment successful bid to get it done much quickly. It's truthful acold unclear precisely erstwhile the Senate ballot volition happen, but an earlier ballot connected the effort successful the Senate Banking Committee had approved it with a wide bipartisan majority of 18-6. The House Financial Services Committee besides advanced its akin bill successful April.
“I look guardant to passing the GENIUS Act successful abbreviated bid to support integer plus innovation successful America, support customers, and marque definite overseas companies are playing by the aforesaid rules,” said Senator Bill Hagerty, the Tennessee Republican who authored the bill, successful a statement. It's besides backed by Senator Tim Scott, the president of the Senate Banking Committee.
President Donald Trump's self-described crypto sherpa, Bo Hines, the enforcement manager of the Presidential Council of Advisers for Digital Assets, told CoinDesk earlier this week that the 2 bills are as overmuch arsenic 90% similar and that members of some chambers are seeking to enactment retired the differences.
Hagerty said helium would introduce an updated version of the measure earlier Thursday.
Jesse Hamilton
Jesse Hamilton is CoinDesk's lawman managing exertion connected the Global Policy and Regulation team, based successful Washington, D.C. Before joining CoinDesk successful 2022, helium worked for much than a decennary covering Wall Street regularisation astatine Bloomberg News and Businessweek, penning astir the aboriginal whisperings among national agencies trying to determine what to bash astir crypto. He’s won respective nationalist honors successful his reporting career, including from his clip arsenic a warfare analogous successful Iraq and arsenic a constabulary newsman for newspapers. Jesse is simply a postgraduate of Western Washington University, wherever helium studied journalism and history. He has nary crypto holdings.
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