Senator Hagerty’s GENIUS Act advances out of banking committee with bipartisan support despite Elizabeth Warren’s warnings about crypto risks and consumer protection concerns.

The bill’s sponsors say they intend for the GENIUS Act to receive a full vote on the Senate floor by the end of next month.

The Senate Banking Committee voted Thursday to advanced legislation to create a regulatory framework for payment stablecoins. The movement on the GENIUS Act marks a key win for the Trump

Senator Bill Hagerty led the legislation with support from Tim Scott, the committee’s chairman, as well as Senators Kirsten Gillibrand, Cynthia Lummis, and

The GENIUS Act was introduced by Senators Bill Hagerty (R-Tenn.), Kirsten Gillibrand (D-N.Y.), Cynthia Lummis (R-Wyo.), and Angela Alsobrooks (D-Md.).

The GENIUS Act, introduced by Senator Hagerty in February, seeks to establish clear guidelines for stablecoin payments in the US. Hagerty announced an update to the bill on Monday, with help from Senators Tim Scott, Cynthia Lummis, Kirsten Gillibrand and Angela Alsobrooks.

The Senate Banking Committee advanced landmark stablecoin legislation Thursday in a major victory for the ascendant cryptocurrency industry, despite strong objections from top Democrat Elizabeth Warren.