title: ​The U.S. Senate Banking Committee has approved the Guiding and Establishing National Innovation for U.S. Stablecoins Act

​The U.S. Senate Banking Committee has approved the Guiding and Establishing National Innovation for U.S. Stablecoins Act, moving it toward a Senate vote.

The U.S. Senate Banking Committee has approved the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, advancing President Donald Trump's agenda to lead in financial innovation.

The committee passed the bill with an 18-6 vote on Thursday, marking a crucial step toward a Senate vote on the legislation.

The bill, introduced by Senator Bill Hagerty (R-TN), aims to provide a federal framework for stablecoin regulation. It sets forth clear guidelines for issuers, covering aspects such as reserve requirements, audits, transparency, and licensing.

The GENIUS Act has drawn bipartisan support, with five Democrats joining the Republicans in voting for the bill.

"Today, the Senate Banking Committee took another step toward establishing a federal framework for stablecoins with the bipartisan vote to approve the GENIUS Act," said Senator Hagerty.

"This legislation is critical to unleashing innovation and advancing the President’s mission to make America the global leader in financial technology."

Several Democrats on the committee voiced concerns about the bill's current form but acknowledged the urgent need for regulatory clarity on stablecoins.

Senators Kirsten Gillibrand and Angela Alsobrooks have co-sponsored the bill, further demonstrating bipartisan backing.

However, some Democratic members proposed amendments to add stricter regulatory controls, most of which were voted down by the Republican majority.

Committee Chairman Senator Tim Scott (R-SC) described stablecoins as "just traveler's checks on the blockchain" and highlighted the necessity for clear regulations.

The committee's ranking Democrat, Senator Elizabeth Warren (D-MA), is among those who oppose several provisions of the bill, considering it a threat to national security.

The bill must now be approved by the full Senate before moving to the House of Representatives and, ultimately, President Trump's desk for final approval.

The GENIUS Act's progress is a significant development in the ongoing effort to provide clarity on stablecoin regulation in the United States.

The legislation's progress also reflects the administration's broader agenda to promote innovation and economic growth while prioritizing consumer protection in the rapidly evolving digital asset landscape.