The U.S. Senate Committee on Banking, Housing, and Urban Affairs advanced two major pieces of legislation aimed at regulating stablecoins and preventing politically motivated debanking on March 13. The Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act sets a regulatory framework for payment stablecoins while the Financial Integrity and Regulation Management (FIRM) Act removes reputational risk as a factor in assessing financial institutions.
Chairman Tim Scott (R-S.C.) emphasized that these measures would protect consumers, bolster national security, and support financial innovation in the U.S. economy. He underscored the significance of the committee’s action, stating: “Today’s historic markup of the GENIUS Act and the FIRM Act is proof that we are in fact delivering on our promises. The digital asset community – and, more importantly, the American consumers – deserve clarity.” Scott added:
For far too long, the absence of a regulatory framework has left consumers vulnerable and businesses in the dark. This uncertainty has also stifled innovation here at home in America. That changes today.
He explained that the GENIUS Act ensures stablecoin issuers maintain 1:1 reserves, comply with anti-money laundering laws, and reinforce the U.S. dollar’s position in the global market. Meanwhile, the FIRM Act aims to prevent federal agencies from using their authority to target businesses or individuals for political reasons. He stated:
No federal agency should have the power to cut off access to our financial services industry simply because they disapprove of a customer’s politics, business, or industry.
Scott also recognized the bipartisan efforts behind these bills, crediting Senators Bill Hagerty, Cynthia Lummis, and Angela Alsobrooks for their contributions to the GENIUS Act. He emphasized that encouraging financial innovation must take precedence over restrictive regulations to maintain the nation’s economic leadership. As the bills now head to the Senate floor, Scott expressed confidence in their eventual passage and approval by President Donald Trump. The March 13 vote represents a broader push to modernize financial regulations while ensuring that both innovation and fairness remain central to the U.S. financial system.
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