- The GENIUS bill passed the Senate Banking Committee on March 13 with a vote of 18-6
- The aim is to get the bill on US President Donald Trump’s desk and signed in the next two months
- The STABLE Act is scheduled for the House Financial Services Committee on April 2
The White House is pushing Congress to pass the GENIUS Act, a bill designed to provide a regulatory framework for stablecoin payments.
The bill, introduced by Senators Cynthia Lummis and Bill Hagerty on February 4, 2025, passed the Senate Banking Committee on March 13 with a vote of 18-6, reports Crypto in America. The push aims to get it on US President Donald Trump’s desk and signed in the next two months.
Next month, the bill is expected to reach the Senate floor for debate with Majority Leader John Thune overseeing it.
According to a lobbyist, “pressure is already mounting to move the bill quickly,” adding that “if GENIUS gets 70 votes, there’s going to be a lot of pressure for the House to stand down and pass it as is.”
The STABLE Act, introduced and sponsored by Representatives French Hill and Bryan Steil on February 6, 2025, is scheduled for the House Financial Services Committee on April 2.
The STABLE Act vs. The GENUIS Act
Each of the acts seek to establish a regulatory framework for stablecoins in the US.
Both bills offers key similarities. Namely the establishment of the Office of the Comptroller of the Currency (OCC) as the regulator for non-bank issuers who are seeking federal level authorization. They also want to create a safe environment for issuers who submit their application promptly to the right regulator.
Yet, they also offer key differences. Within the GENIUS Act, it includes a ban on algorithm stablecoins. These are digital assets that maintain their price through smart contracts and automated algorithms. The GENIUS Act also creates a dual framework for issuers that issue more than $10 billion in payment stablecoins.
Regarding the STABLE Act, it requires no cap on state-issued stablecoins nor does it discuss insolvency provisions for the stablecoins holders if an issuer becomes insolvent.
In March, Hill said: “A properly regulated stablecoin market can strengthen the US dollar’s dominance, modernize our payments infrastructure, and promote financial access without government overreach. It is essential that we are deliberate and get this job done and done right.”
