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The White House plans to submit the U.S. stablecoin bill GENIUS Act to the Senate for review in April.
On March 24, the White House plans to submit the U.S. Stablecoin Innovation Guidance and Establishment Act (GENIUS Act) to the Senate for consideration in April. It is reported that President Trump's digital assets task force urged Senate leaders to put the bill for debate, which establishes a regulatory framework for payment stablecoins (cryptocurrencies pegged to the U.S. dollar), which successfully passed the Senate Banking Committee on March 13 by a vote of 18 to 6. The White House has indicated that if the Senate version of the stablecoin bill receives sufficient support, it could be signed into law in its current form. BlockBeats previously reported that the U.S. has proposed two stablecoin bills — the House of Representatives' Stablecoin Transparency and Accountability Act (STABLE Act) and the Senate's U.S. Stablecoin Innovation Guidance and Establishment Act (GENIUS Act), which aims to regulate stablecoin issuers through licensing requirements, risk management rules, and 1:1 reserve support.