Senator Haggerty’s stablecoin bill has passed the Senate Banking Committee. According to reports, the bill, which will create a regulatory framework for stablecoins, was passed with an 18-6 vote.
The next step in the process is to send the bill to the Senate where they will decide if they should send it to President Trump to sign off. The bill was led by Senator Bill Haggerty, with support from Kim Scott, Kirsten Gillibrand, Angela Alsobrooks, and Cynthia Lummis. The bill will provide clarity to stablecoin users under state and federal regulations.
“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. I look forward to seeing this bill pass the Senate shortly and ultimately signed into law by President Trump,” Senator Haggerty said.
Lawmakers applaud Senator Haggerty’s bill
According to Scott, the lack of regulations has left consumers without protection and businesses with headaches. He mentioned that the bill will be the first step into molding stablecoins into reliable tools in the financial ecosystem.
“Today’s historic passage of the GENIUS Act – the first digital assets legislation to advance in the Senate – is a step forward in ensuring stablecoins are safe and reliable tools in the financial system. I look forward to voting for this bill on the Senate floor and getting it to President Trump’s desk,” Scott said.
Gillibrand also noted the economic impacts of the stablecoin regulation. “Clear and sensible stablecoin legislation is essential to maintaining the U.S.’s position as the leader in global economic competitiveness. This important legislation will protect consumers, foster responsible innovation, increase access to basic financial services, and maintain the dominance of the U.S. dollar. I expect we will continue to refine the bill as it moves forward,” Gillibrand said.
Lummis also talked about the importance of the bill, noting its flexibility. “The Banking Committee’s strong bipartisan passage of the GENIUS Act out of committee brings us one step closer to providing stablecoin issuers with the choice between state and national charters and will secure our nation’s competitive edge in the rapidly evolving digital asset space,” Lummis added.
The GENIUS Act bill introduces strict requirements for stablecoin issuers, including mandatory 1:1 reserves. This means that every issued stablecoin must be backed by U.S. dollars, insured bank deposits, or short-term Treasury bills. The goal is to prevent liquidity crises and protect users from insolvent issuers, according to Hagerty.