The Senate Banking Committee Passed the GENIUS Act on Thursday

This moves the bill to the Senate floor, where lawmakers will decide whether to send it to President Donald Trump for approval

The Senate Banking Committee has passed the GENIUS Act, a bill focusing on creating a regulatory framework for stablecoins, in a vote of 18-6 on Thursday. This advances the bill to the Senate floor, where it must be approved and sent to President Donald Trump for his signature.

The legislation, spearheaded by Senator Bill Hagerty with support from Tim Scott, the committee’s chairman, as well as Senators Kirsten Gillibrand, Cynthia Lummis, and Angela Alsobrooks, aims to provide clear legal guidelines for stablecoin issuers, enabling them to operate under state or federal oversight.

“This legislation is a critical first step in establishing a safe and pro-growth regulatory framework that will unleash innovation and advance the President’s mission to make America the world capital of crypto,” said Hagerty. “I look forward to seeing this bill pass the Senate in the near future and ultimately signed into law by President Trump.”

The bill, which now moves to the full Senate for a vote, passed the committee with bipartisan support. However, some committee members, like Elizabeth Warren, expressed concerns about the bill's provisions.

The committee also approved an amendment by Senator Mark Warner to require the administration to report on the risks posed by deepfakes and other synthetic media technologies.

The bill's passage comes amid increasing attention on cryptocurrency regulation in the U.S., with lawmakers working to keep pace with the rapidly evolving digital asset landscape.

As the bill progresses, it will be interesting to see how the Senate handles it and whether President Trump will grant his approval, especially within the first 100 days of his administration, an aspect that will surely influence the bill's fate.