The US Senate Banking Committee has decided to pass the US Stable Queen National Innovation Guidelines Act (Genees Act) in favor of 18 and with 6 votes against it, and has decided to take it to the next stage.
All amendments submitted by Senator Elizabeth Warren, especially the “proposal to restrict the stabilizes to banking institutions only” have been rejected.
Representative Warren argued:
“If this bill is approved without amendment, it will further accelerate terrorism financing. It will also be easier to avoid sanctions between Iran, North Korea and Russia.”
Senator Warren has mentioned amending the bill. Source: US Senate Banking Committee GOP
Meanwhile, the Senate Banking Committee Chairman Rap. Tim Scott said the bill as a “win of innovation”.
“The Genius Act will need to maintain the One -One One -One Reserve Assets and comply with the Anti -Money Laundering (AML) Act, which will establish wise laws that will increase the international competition of the US dollar by protecting US consumers.”
In addition, to formally approve the bill, vote in both the House of Representatives and eventually sign President Trump’s signature.
However, the approval of the banking committee is considered an important step towards a comprehensive legislation that the cryptocurrency industry has been searched.
Senator Tim Scott, Chairman of the Senate Banking Committee, leads the hearing. Source: US Senate Banking Committee GOP
The Genius Act revised with strict rules and regulations
In February 2025, Senator Bully Hagrey, who introduced the bill, rejected the proposal to amend the bill by Repert Warne, which already includes provisions for “consumer protection,” “AML,” and “crime prevention”.
On March 10, 2025, rap. The bill announced the bill to include strict reserve assets for strict reserve assets for strict reserve assets for strict reserve assets for strict reserve assets to comply with strict reserves for anti -money laundering, anti -money laundering, counter -terrorism financing measures, transparent risk management procedures, transparent risk management measures, anti -money laundering, anti -money laundering, counter -terrorism financing measures, anti -money laundering, anti -money laundering, anti -money laundering, anti -money laundering, anti -money laundering, anti -money laundering, anti -money laundering, anti -money laundering, anti -money laundering, anti -money laundering, anti -money laundering measures in the bill.
The new rules and regulations will make it difficult for those who issued overseas stubborn issues, and the US -based issuers will be allowed to gain competitive advantage, said Dom Cook, the founder of the Web3 Learning Platform Easy Platform, Dom Cook.
Senator Bully Hagrey defended his bill with the proposed amendment. Source: Senate Banking Committee GOP
Attorney Jeremy Hogan said the Genees Act is “a sign of the delicious between traditional financial systems and stable Queens,” and in a post on the X (formerly Twitter) on March 10, 2025, indicated that “this bill clearly planned that the Stable Queens would interfere with the traditional digital banking.”
In addition, at the White House’s Cryptoconnery Summit on March 7, 2025, the US Treasury Secretary Scott has clearly stated that “the Trump administration plans to use Stable Queens to protect its location as a US dollar currency.”
