The GENIUS Act passed the Senate Banking Committee with strong bipartisan support, as five Democratic Senators joined Republicans. The bill is designed to clarify the regulatory framework for stablecoins, enhancing their competitiveness in the digital asset landscape.

Crypto critic Elizabeth Warren proposed amendments to ban certain stablecoin issuers but was met with rejection. The bill’s sponsors foresee a full Senate vote by the end of April, signaling significant progress for stablecoin regulation.