Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, a parallel stablecoin regulation bill is being advanced in the Senate

Quotes that support claims

The Senate Banking Committee had already advanced its own version of the legislation with a strong bipartisan vote, so it moves on now to consideration on the Senate floor. Rep. Tom Emmer, the House majority whip who has been among Congress' top crypto advocates for years, said the two bills have "some minor differences that I'm sure can be ironed out."

The Senate Banking Committee voted Thursday 18-6 to advance that bill. Democrats Sens. Mark Warner and Andy Kim were among others to support the bill "The GENIUS Act is a bipartisan step forward in ensuring stablecoins are safe and reliable tools in the financial system," said Senate Banking Committee Chair Tim Scott, R-S.C., at the beginning of Thursday's markup.