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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.
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