The United States Senate Banking Committee Will Vote on a Revised Stablecoin Regulation Bill on March 13

The bill, known as the GENIUS Act, received key updates after bipartisan discussions between Republicans and Democrats.

The United States Senate Banking Committee is set to vote on Monday, March 13 on a revised bipartisan bill that would regulate stablecoins.

The bill, known as the GENIUS Act, has received key updates following bipartisan discussions. Republican Senator Bill Hagerty, who initially introduced the legislation in early February, announced on March 10 that the bill was updated after consultations with Democrats.

The bipartisan support for the bill is crucial as it faces several legislative hurdles. After the Banking Committee’s vote, the bill must pass a full Senate vote, where it could face further debate and possible amendments.

If the Senate approves the bill, it will move to the House of Representatives. Should the House pass it without further changes, the GENIUS Act will reach President Donald Trump’s desk for either final approval or veto.

The updated bill, which stands for Guiding and Establishing National Innovation for US Stablecoins, aims to provide clear federal guidelines for stablecoins—digital tokens pegged to traditional assets, typically the U.S. dollar.

The bill targets stablecoin issuers with different regulatory approaches based on their market size. Stablecoins with market capitalization above $10 billion would be required to follow Federal Reserve regulations. Smaller stablecoins, valued below $10 billion, could choose to be regulated at the state level.

The bill’s focus on strict rules for large issuers aims to protect investors and consumers by ensuring these stablecoins maintain adequate financial reserves and operate transparently.

The updates to the bill also include enhancing consumer protections, clarifying who can issue stablecoins, and managing financial risks more effectively. Additionally, the revised bill introduces stricter transparency rules and clearly outlines the steps to handle issuer insolvency, ensuring stability within the digital asset market.

Prominent bipartisan supporters of the bill include Republican Senators Cynthia Lummis and Tim Scott, who leads the Senate Banking Committee, alongside Democratic Senators Kirsten Gillibrand and Angela Alsobrooks.

Senator Gillibrand highlighted some key improvements in the revised bill. She said it enhances consumer protections, clarifies who can issue stablecoins, manages financial risks more effectively, and introduces stricter transparency rules. The bill also clearly outlines the steps to handle issuer insolvency, ensuring stability within the digital asset market.

As the Senate Banking Committee prepares to vote on Monday, March 13, the bipartisan support for the updated GENIUS Act is evident. However, the journey to enactment still includes several stages of legislation and potential amendments.