U.S. Senator: Stablecoin bill likely to pass before Easter recess

U.S. Senator Kirsten Gillibrand said at the DC Blockchain Summit that there is potential that Congress will pass the long-awaited stablecoin bill before the Easter recess. If not by then, Gillibrand is confident that it will definitely pass before the summer break. She added that the U.S. needs strict regulation to protect investors and foster innovation in the event of an unsavory event happening such as the run on Silicon Valley Bank in 2023 and the collapse of the FTX crypto exchange in 2022. She added that a simplified version of the stablecoin bill will not help the crypto industry, as if another bank or stablecoin fails, it would be bad for business in the U.S. CoinDesk reported Gillibrand as stating that the GENIUS Act includes several measures to protect consumers.