The Senate Banking Committee voted 18-6 in favor of amended legislation that would create a special regulatory structure for stablecoins Thursday, and also advanced a bill that would scrap "reputational risk" as a factor in federal oversight of the financial services industry. Amendments to the first bill, the GENIUS Act, would direct federal regulators to take the "competence, experience and integrity" of key leaders of companies into account when reviewing their applications to issue stablecoins, and also seek to clarify the approach they should take towards stablecoins that enter the market without their permission. Other new provisions would bar issuers...
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