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Senate Fast-Tracks Stablecoin Legislation Despite Opposition From Elizabeth Warren

Bitcoinist LogoBitcoinist12h ago

Senate Fast-Tracks Stablecoin Legislation Despite Opposition From Elizabeth Warren - Bitcoinist

Quick Summary:

For the future of crypto regulation, the US Senate Banking Committee recently advanced the Guiding and Establishing National Innovation for US Stablecoins Act, commonly known as the GENIUS Act, with a bipartisan vote of 18-6.  Sponsored by Senator Bill Hagerty (R-Tenn.

Warren further criticized the legislation for allegedly empowering tech billionaires like Elon Musk and Mark Zuckerberg to launch their own dollar-based tokens, raising fears about the concentration of financial power in the hands of a few individuals.

Additionally, the legislation requires that issuers promptly meet redemption requests, granting the Federal Reserve and OCC the authority to suspend licenses or impose penalties for non-compliance.


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Article Details

Author / Journalist: Ronaldo Marquez

Category: Crypto

Markets:

Topics:

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-03-14 @ 22:00:15 (12 hours ago)

News Timezone: GMT +8:00

News Source URL: bitcoinist.com

Language: English

Article Length: 536 words

Reading Time: 3 minutes read

Sentences: 35 lines

Sentence Length: 16 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Bitcoinist

News ID: 27007498

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About Bitcoinist

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Main Topics: Crypto

Official Website: bitcoinist.com

Update Frequency: 16 posts per day

Year Established: 2014

Headquarters: Hungary

News Last Updated: 9 hours ago

Coverage Areas: Hungary

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Worldwide

News Language: English

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API Access: Available (JSON, REST)

Website Security: Secure (HTTPS)

Publisher ID: #105

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