GENIUS Act Advances in Senate Banking Committee

The U.S. Senate Banking Committee voted in favor of advancing the stablecoin-focused GENIUS Act to a full Senate vote on Thursday, receiving bipartisan support.

The bill passed through the committee with a vote of 18-6, as five Senate Democrats joined Republicans, ensuring a comfortable margin for the legislation.

Democrats supporting the GENIUS Act include bill cosponsor Angela Alsobrooks (D-MD), as well as Senate Banking Committee members Mark Warner (D-VA), Andy Kim (D-NJ), Lisa Blunt Rochester (D-DE), and Ruben Gallego (D-AZ).

The bill’s sponsor, Bill Hagerty (R-TN), expressed his intention for it to be voted on in the full Senate by the end of April.

> “A massive move in Washington today. The GENUIS Act passed out of Senate Banking with a strong and bipartisans 18-6 vote. This is a huge step towards providing regulatory clarity for stablecoins, and a huge step towards upgrading and making the dollar more competitive.”
> — Jeremy Allaire – jda.eth / jdallaire.sol (@jerallaire) March 13, 2025

Senator Cynthia Lummis (R-WY), another cosponsor of the bill, noted that the bipartisan support brings the nation closer to providing stablecoin issuers the choice between state and national charters, thus enhancing the U.S. competitive edge in the digital asset space.

> “THANK YOU to moderate Democrats–the stablecoin bill (GENIUS Act) passed the Senate Banking Committee 18-6. They bucked the far-left Warrenites.”
> — Caitlin Long 🔑⚡️🟠 (@CaitlinLong_) March 13, 2025

During the Senate Banking Committee meeting, Senator Elizabeth Warren (D-MA), a critic of cryptocurrency, attempted to introduce multiple amendments to the GENIUS Act, aimed at creating a legal framework for nonbank stablecoin issuers.

Warren’s proposals included blacklisting stablecoin issuers related to illegal activities and expanding the bill’s scope to cover crypto exchanges and third-party interactions with stablecoins. All amendments were ultimately rejected, primarily along party lines.

> “Who are we trying to protect, the child pornographers and Iran and North Korea?”
> Warren exclaimed after her third amendment was voted down.

She later remarked, “Nobody’s looking to shut this down, no one’s looking to stop innovation. But we do want to try to make this a little cleaner than it is right now.”

Following the discussion, the bill moved forward and passed easily.

A new version of the GENIUS Act had been released earlier in the week to prepare for the markup. While it remains generally supported by industry leaders, some crypto users expressed concerns over a provision requiring stablecoin issuers to have the ability to “seize, freeze, burn, or prevent the transfer” of tokens to comply with legal orders.

Edited by James Rubin