The US Senate Banking Committee is set to vote on a stablecoin framework bill led by Republicans on March 13. The bill has been updated after consulting with Democratic committee members. Senator Bill Hagerty, a supporter of the bill, introduced the updated GENIUS Act, which includes improvements in consumer protection, authorized stablecoin issuers, risk reduction, and transparency. The bill aims to place dollar-backed stablecoin issuers with a market value of over $10 billion under Federal Reserve regulations. Some experts believe this bill provides a competitive advantage to US-issued stablecoins and sets higher standards for foreign issuers. The bill still needs to go through approval stages in the Senate and House of Representatives to become law.
