The Senate Banking Committee on Thursday voted for Advanced Act to develop a regulatory framework for payment stability.
The genius act move marks a significant victory for the Trump administration and Republican lawmakers. He turned to this Congress quickly to pass stablecoin and cryptocurrency market structure laws.
“For too long, there's no Stablecoins regulatory framework, so consumers have been vulnerable, and businesses have thwarted innovation in the darkness and at home,” Senate bank chairman Tim Scott (Rs.C.) said in a statement.
“Today's historic passage of Genius Act, the first digital asset law to advance in the Senate, is a step forward for stablecoins to ensure safe and reliable tools for the financial system,” he continued.
Five Democrats on the panel – Officer Mark Warner (Virginia), Andy Kim (New Jersey), Rubenga Lego (Arizona), Lisablant Rochester (Delaware), Angela of Brooks (MD) and Senator Bilhagerty (R-Thenn.
The bill is now heading to the Senate floor for consideration. The Chamber of Commerce below has not yet advanced crypto-related laws, but the House Financial Services Committee held a hearing on stubcoin on Tuesday.
The Crypto industry supported the Senate's bank vote on Thursday, with Blockchain Association CEO Kristin Smith calling it “a step in the right direction.”
“Cryptocurrency is not partisan, and today's strong bipartisan votes make it clear that all of Washington, both sides of the aisle, are committed to ensuring that the future of Stablecoin and Cryptocurrency innovation is encouraged and built in the United States,” Smith said in a statement.
President Trump accepted codes in his second term. He hosted industry leaders at the White House for Friday's summit, where he emphasized that his administration is “working to end the federal bureaucracy over crypto.”
The president also signed an executive order last Thursday to establish a Bitcoin Reserve and another digital asset stockpile.
