US stablecoin bill gets update ahead of Senate banking group vote

The Republican-led GENIUS Act saw a raft of changes after bipartisan discussions, and the Senate Banking Committee will vote on the stablecoin bill on March 13.

US Senate Banking Committee is set to vote on a Republican-led stablecoin framework bill on March 13, after it was updated following consultation with committee Democrats.

GOP Senator Bill Hagerty, one of the bill’s co-sponsors, said on March 10 that he introduced an update of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, which would go to a Banking Committee vote on March 13.

He added that the updated bill saw bipartisan consultation. The bill is co-sponsored by Republican Senators Cynthia Lummis and Tim Scott, who is also chair of the Banking Committee chair, along with Democrats Kirsten Gillibrand and Angela Alsobrooks.

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