Senate and House Push Bipartisan Stablecoin Bills Amid Regulatory Momentum

The GENIUS Act and STABLE Act aim to establish a clear framework for stablecoins, drawing support from both crypto advocates and traditional finance leaders.

The Senate Banking Committee is set to vote on the bipartisan GENIUS Act this week, which seeks to regulate stablecoins with provisions for reserve requirements, audits, and licensing.
The GENIUS Act allows stablecoin issuers to choose between federal or state charters and introduces stricter transparency and anti-money laundering requirements.
The House Financial Services Committee is advancing the STABLE Act, which aims to strengthen the U.S. dollar's dominance while addressing concerns about central bank digital currencies.
Traditional financial institutions, including BNY Mellon, are increasingly advocating for stablecoin regulation, signaling a shift in the traditional finance sector's stance on digital assets.
Critics, including Senator Elizabeth Warren, warn that the proposed legislation may grant excessive influence to private entities and fail to adequately protect consumers.