The United States Senate Banking Committee elected to advance the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act in an 18-6 vote.
None of the amendments proposed by Senator Elizabeth Warren made it into the bill, including her proposal to limit stablecoin issuance to banking institutions.
“Without changes, this bill will supercharge the financing of terrorism. It will make sanctions evasion by Iran, North Korea, and Russia easier,” Warren argued.
Senator Warren argues for amendments to be included in the bill. Source: US Senate Banking Committee GOP
Senator Tim Scott, chairman of the Senate Banking Committee, characterized the bill as a victory for innovation. The Senator said:
“The GENIUS Act establishes Common Sense rules that require stablecoin issuers to maintain reserves backed one-to-one, comply with anti-money laundering laws, and ultimately protect American consumers while promoting the US