Senate Majority Leader Expedites Vote on Landmark Stablecoin Bill

Senate Majority Leader John Thune (R-SD) initiated procedures Wednesday to expedite a vote on the first-ever regulatory framework for stablecoins in the U.S.Thune is urging senators to fast-track the It’s part of a “critical first step” to deliver on President Donald Trump and the American people’s “mandate to advance a regulatory framework for digital assets,” National Republican Senatorial Committee chair Scott said in a The legislation The GENIUS Act’s significance extends beyond creating rules for stablecoins. More broadly, it aims to cement U.S. dollar dominance in global finance.However, the bill faces substantial opposition from traditional banking advocates.The Senate stablecoin bill is “deeply flawed” and poses “grave and unacceptable dangers” to consumers and the broader financial system, Arthur Wilmarth, Professor Emeritus of Law at The George Washington University, Wilmarth argues that nonbank stablecoin issuers could compete with FDIC-insured banks by offering “shadow deposits,” potentially undermining the traditional banking system.The professor has voiced concerns that the bill could allow Big Tech and other commercial enterprises to acquire non-bank stablecoin issuers and use stablecoins to enter the banking industry.It’s worth noting that the Senate’s GENIUS Act, in its The Senate bill allows money market funds to be used as reserves, while the House version is more restrictive.Both provide a $10 billion threshold, but with different approaches. They also differ on algorithmic stablecoins: STABLE imposes a two-year moratorium while GENIUS only requires a brief study.The Trump administration is reportedly eager to have both bills Last week, Tech venture capital firm Andreessen Horowitz had been “sympathetic” to delaying votes on stablecoin legislation and has been helping Coinbase in its efforts, sources told Edited by