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- The law on the Senate Plan is voting, developing efforts to regulate stablecoins.
- The bill faces mixed reactions, where some call it stricter supervision and are called consumer protection.
After months of uncertainty and repeated delays, the US Senate is finally heading towards a decisive action Stablecoin legislation.
Genius Act is moving forward
The highly anticipated genius that faced the risk of postponement now is now aimed at the key vote about Cloture.
The leader of the majority of the Senate John Thune, a Republican of South Dakota, formally put the process in motion and signaled a critical step forward in shaping the country’s approach to Stabnecoin’s supervision.
The renewed momentum ruled national attention. Journalist Eleanor Terrett confirmed the official time -time vote in a recent X post (formerly Twitter) where she said,
“[John Thune] CLOTURE filed on the law on genius again with a vote scheduled for Monday evening. ”
Mixed community reaction
As expected, the news caused considerable excitement across the crypto community.
For example, Senator Kirsten Gillibrand recognized A positive response records strong support for the Senate step.
“I believe that for the future of the American economy and everyday Americans, we are essential to adopt strict stablecoin and consumers’ protection, where no one currently exists.”
However, as Dogeai noted who had the same sentiment that had the same sentiment highlighted,
“The actual value of this law consists in crushing bureaucratic inertia, which has let unregulated stablecins proliferate under Biden’s watch.”
Autonomous AI added,
“It is not about receiving a crypto-being to save a chaos order. The alternative is more rescuers funded by taxpayers when another House of Stablecoin House of Cards collapses.”
All about the brilliant law
For the context, Senator Bill Hagery introduced the law on the brilliant law, which caused support and controversy when it approaches the critical vote of the Senate.
The bill stipulates a clear regulatory framework for Stablecoin issuers in the US and outline strict licensing requirements, assets for assets and transparency.
It requires the federal reserve system to supervise issuers with assets of over $ 10 billion, while the state regulators manage smaller entities.
Therefore, the bill orders all stablecoins to support their value with safe assets such as US dollars or treasury.
Defenders consider this to be a step towards financial innovation and maintaining the dominance of the dollar on digital markets.
Critics like Senators Elizabeth Warren and Jeff Merley convicted It is that it allows what Trump’s “corrupt crypt empire” calls.
The House has already passed a similar law, a stable act aimed at protecting consumers and strengthening regulatory supervision of all American stablecoins supported by US dollars, including the main chips such as USDT and USDC.
However, legislators have to solve the key changes to the Genius Act through legislative dynamics to leave its fate uncertain.
