The U.S. Senate Banking Committee has been elected to advance the guide and establishment of national change for the US Stablecoins (Genius) Act in an 18-6 vote.
None of the amendments suggested by Senator Elizabeth Warren did this to Billincluding his proposal to Limit StableCoin issuance to -Banking institutions.
“If there are no changes, this bill will apply to terrorism financing. It will make the penalties of Iran, North Korea, and Russia,” Warren argued.
Senator Warren argued for the amendments to be included in the bill. Source: US Senate Banking Committee GOP
Senator Tim Scott, chairman of the Senate Banking Committee, introduced the bill as a success for change. Senator said:
“The Genius Act establishes common perception rules that require stablecoin providers to maintain reserves backed one-to-one, complying with anti-money laws, and ultimately protects American consumers while promoting US dollar strength in the global economy.”
The bill should still pass a vote to the same Chamber of Congress before returning it to President Trump and eventually signed in to the law.
However, the Senate Banking Committee of Advancement of the Proposal represents the first step in the clear, comprehensive law requested by the crypto industry.
Senator Tim Scott, chairman of the Senate banking committee, led the hearing. Source: US Senate Banking Committee GOP
Related: Genius Stablecoin Bill is a CBDC Trojan Horse – Defi Exec
Genius Act gets overhaul to highlight more stringent provisions
Senator Bill Hagerty, who The bill was introduced In February 2025, the law was defended against the proposed changes from Senator Warren, who focus that the bill included provisions for consumer protection, anti-money laundering, and the prevention of crime.
On March 10, Magrey announced that The bill is that -updated To include Stricter Reserve requirements for Stablecoin issues, AML provisions, terrorist financing care, transparent risk management methods, and stipulations for compliance with penalties.
According to In Dom Kwok, founder of the Web3 Study Platform Easy A, the newly added provisions will make it more difficult for foreign stablecoin to perform, providing companies based on a competitive edge.
Senator Bill Hagerty defends his bill from proposed changes. Source: Senate Banking Committee GOP
Attorney Jeremy Hogan said the Genius Act indicates an upcoming integration of the traditional financial system with stablecoins.
“The law clearly makes plans for stablecoins to interact with the traditional digital banking system. ‘Merge’ is planned,” the lawyer wrote on a March 10 x Post.
During the March 7 White House Crypto Summit, Treasury Secretary Scott Bessent clearly stated that the Trump administration will get the stablecoins Protect status in the global US dollar reserve.
Magazine: Bitcoin payments are weakened by centralized stablecoins
