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US lawmakers pushing ahead with legislation on stablecoins

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US lawmakers pushing ahead with legislation on stablecoins

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The US crypto sector is again buzzing with innovation, and some ambitious initiatives may soon become reality. Currently, US lawmakers are debating a new legislative proposal known as GENIUS. This initiative aims to establish a legal framework for regulating stablecoin issuers whose tokens are pegged to the US dollar.

The primary goals of GENIUS are to ensure the stability of the US financial system, protect consumers, as well as mitigate risks associated with unregulated stablecoins, lack of liquid reserves, and insufficient oversight from regulators.

On March 13, the bill successfully passed a Senate Banking Committee hearing. It was then approved by a majority vote and forwarded for further review in both chambers of Congress. However, the initiative faced strong opposition from Senator Elizabeth Warren, a key figure in the Senate Banking Committee.

During the committee discussions, Senator Warren harshly criticized the GENIUS bill, accusing its authors of attempting to hand over control of the US monetary system to tech moguls, specifically naming Elon Musk.

Despite her objections, none of Warren’s proposed amendments were included in the final version of the bill. Previously, she advocated for limiting the issuance of stablecoins exclusively to regulated financial institutions. Senator Tim Scott, Chairman of the Senate Banking Committee, hailed the approval of GENIUS as a "win for common sense and innovation."

Meanwhile, President Donald Trump underscored that digital assets play a crucial role in the country’s economic growth and global leadership. He voiced support for cryptocurrency adoption and blockchain technology integration across all sectors of the economy.

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