The Senate Banking Committee agreed to the progress of the genius lawA draft law on the organization of Stablecoins, with a vote 18-6. This represents a major development of the cryptocurrency sector, which has long been calling for clear and comprehensive legislation.
The initial approval of the draft law was the result of Two partiesAlthough some Democratic lawmakers oppose. Among the main criticisms of Senator Elizabeth Warren, who have expressed concern about the potential risks to financing terrorism and evading international sanctions.
Genius Law: Elizabeth Warren’s criticism of the new organization Stablecoins
Elizabeth Warren opposed firmly The current text From the genius verb, with an emphasis on this Without changes, legislation can facilitate terrorist financing. In addition, it shed light on how the bill risks, which makes it easier for countries like Iran, north korea And Russia to circumvent economic sanctions.
Among the amendments suggested by Senator and their rejection later, there was an idea Reducing version Stablecoin Exclusively for banking institutions. This proposal aims to enhance control of entities capable of generating digital currencies associated with traditional currencies. However, none of its amendments were included in the final bill.
See Tim Scott and the role of innovation
On the other hand, the Chairman of the Senate Banking Committee, Tim Scott, welcomed the progress of the genius law, describing it “A victory for innovation”. The most prominent Senator how the legislation will be presented Clear and reasonable rules For the Stablecoin sector.
The highlight of the main points of the law, including:
– Commitment to the stablecoin exporters to maintain guaranteed reserves 1: 1
– Compliance with anti -money laundering systems
– Consumer protection
– Supporting the position of the US dollar in the global economy
Updates of the Genius Law: Increase control and Security
The draft law, which was submitted in February 2025 by Senator Bill immigratedHe underwent the processes of many reviews aimed at enhancing protection for the financial system.
On March 10, Hajari announced that the genius law would include:
– The biggest transparency in risk management
– Strong restrictions on stablecoin reserves contract
** More strict rules for compliance with anti -money laundering systems (AML) **
– Measures aimed at preventing terrorist financing
– Clear guidance to comply with economic sanctions
according to Dom CookThe founder of the web3 learning platform is easy A, these new provisions It can make it difficult for foreign exporters to comply with American regulationsFor local companies.
The effect of genius on the financial sector
Initial approval of the bill is seen as the first step towards Integration between the traditional banking system and stablecoins. lawyer Jeremy Hogan He explained that the legislation clearly shows a future in which Stablecoins plays a major role in the digital financial system.
In a publication published on March 10 on the former Twitter platform, Hojan stated that the legislation places the basis for combining stablecoins and traditional digital banks.
This opinion was strengthened during The summit of encryption in the White House on March 7When the treasury minister Scott Pesin I mentioned that the Trump administration It plans to take advantage of Stablecoins to maintain the US dollar as the global reserve currency.
Towards the final approval
Despite the positive vote in the committee, The genius law still needs to be approved by both Congress rooms Before he was submitted to President Donald Trump for the final signature.
The coded currency industry is now eagerly awaiting future developments. The potential implementation of the organization can represent a turning point for the organization of Stablecoins in the United States, and finally provide Clear rules for operators and investors.
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