Although the GENIUS stablecoin legislation faced some opposition from Democrat lawmakers, advancing the bill was a bipartisan effort.
The United States Senate Banking Committee elected to advance the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act in an 18-6 vote.
None of the amendments proposed by Senator Elizabeth Warren made it into the bill, including her proposal to limit stablecoin issuance to banking institutions.
“Without changes, this bill will supercharge the financing of terrorism. It will make sanctions evasion by Iran, North Korea, and Russia easier,” Warren argued.
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