Source: Cointelegraph Original: "{title}"

The US Senate Banking Committee plans to vote on a Republican-led stablecoin framework bill on March 13, following updates made after negotiations with Democratic committee members.

The bill's co-sponsor, Republican Senator Bill Hagerty, stated on March 10 that he submitted an updated version of the "Guiding and Establishing U.S. Stablecoin National Innovation Act" (GENIUS), which will be presented for a vote by the Banking Committee on March 13.

He added that the updated bill underwent bipartisan negotiations. The bill was co-sponsored by Republican Senators Cynthia Lummis and Banking Committee Chairman Tim Scott, along with Democratic Senators Kirsten Gillibrand and Angela Alsobrooks.

Gillibrand stated in a press release, "The updated version of the GENIUS Act makes significant improvements to several key provisions, including consumer protection, authorizing stablecoin issuers, risk mitigation, state-level pathways, bankruptcy, and transparency."

Hagerty first introduced the bill in early February, aiming to bring dollar stablecoin issuers with a market capitalization exceeding $10 billion under the Federal Reserve's regulatory purview, currently only including Tether (USDT) and Circle's USDC. Issuers with a market capitalization below $10 billion can opt for state-level regulation.

Dom Kwok, co-founder of the Web3 learning app EasyA, stated on the X platform that the latest version of the GENIUS Act shared by FOX Business reporter Eleanor Terrett provides a "competitive advantage for stablecoins issued in the U.S."

He added that the bill now requires foreign stablecoin issuers to comply with "super high standards" in areas such as reserve and liquidity requirements, anti-money laundering checks, and sanctions checks.

Source: Dom Kwok

He remarked, "Most foreign issuers will find it difficult to meet these standards, giving Circle's USDC and Ripple Labs' Ripple USD (RLUSD) an advantage."

Cryptocurrency lawyer and Hogan&Hogan partner Jeremy Hogan reached the same conclusion in another X post, stating that the bill's requirements, particularly regarding reserves and anti-money laundering checks, "completely align with the interests of RLSUD and USDC."

The GENIUS Act still has a way to go before becoming law. The Senate Banking Committee must first vote to pass the bill, which will then be submitted to the full Senate for a vote, where debate may occur.

If the bill passes in the Senate, it will be sent to the House of Representatives for consideration. If the House does not amend the bill, it will be sent to President Trump for signing into law or for a veto.

Related: Thai regulators approve Tether (USDT) and USD Coin (USDC) stablecoins.

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