Yesterday the US Senate Banking Committee passed the GENIUS Act to regulate payment stablecoins. There are two sets of changes to the draft legislation. They include amendments passed as part of yesterday’s markup hearing plus changes to the Bill before the hearing.
One important addition is the Bill now excludes stablecoins that offer interest or yield. However, it’s not clear that it explicitly bans such stablecoins. It’s likely that interest bearing stablecoins will be considered securities.
At the start of the session a package of bipartisan amendments were approved. These aimed to:
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