Updated GENIUS Act Draft Circulates in Senate as Ethics Provision Remains Stalled
Lawmakers have released a revised draft of stablecoin legislation that moves the bill closer to a Senate floor vote, though a key government-ethics provision has not yet been resolved and is being treated as temporary for now. The continued debate over the ethics clause remains the primary obstacle to finalizing the bill. Progress on this legislation carries indirect but meaningful implications for RLUSD and other dollar-pegged stablecoins operating on the XRPL.
A new draft of federal stablecoin legislation, informally tracked as a potential regulatory framework for dollar-pegged digital assets, has been circulated among Senate lawmakers. The revised text represents a step toward bringing the bill to a final Senate vote, though the process is not yet complete.
The central sticking point in the current round of negotiations is a government-ethics provision. Lawmakers have not reached consensus on the clause, and the current draft treats it as a temporary measure rather than permanent statute. Debate on this point is ongoing and could affect the timeline for final passage.
For XRP ecosystem participants, the relevance is primarily indirect. Ripple's RLUSD stablecoin operates as a dollar-denominated asset on the XRPL, meaning any federal framework that defines how stablecoins are issued, redeemed, and regulated would apply to products like RLUSD. Clarity on stablecoin rules has been widely cited as a prerequisite for broader institutional adoption of XRPL-based payment infrastructure.
No vote date has been announced. The bill's path forward depends on whether the ethics dispute is resolved or set aside, and whether sufficient bipartisan support can be assembled in the Senate.
Key facts
- •New draft stablecoin legislation has been circulated among Senate lawmakers.
- •The bill is being pushed toward a Senate floor vote.
- •A government-ethics provision remains unresolved and is currently designated as temporary.
- •Debate over the ethics clause is the main remaining obstacle.
- •No Senate vote date has been confirmed.