The Craft Board’s Board is progressing Genius ACT in a bipartisan voice

The US Banking Committee approved the management and establishment of a national innovation for act stablecoins for American stablecoins, moving it towards the vote of the Senate.

He introduced Senator Bill Hagerti, Account strives to establish Federal Framework for StableCoin Regulation. ​

The Committee transferred the Bill with a vote of 18-6, including support of five Democrats. Genius ACT proposes clear guidelines for Stablecoin publishers, dealing with spare requirements, audits, transparencyand licensing.

Senator Hagerti said the draft law would help in the state “lead in financial innovation” during consumer protection.

During the hearing of the Committee, several democrats allegedly expressed concern over the current goals, but it recognized the need for regulatory clarity. Senators Kirsten Gillibrand and Angela also sponsored an account, showing a bipartisan substrate.

However, some democratic members proposed amendments to add stricter regulatory controls, most of whom voted Republican majority voted. ​

Stablecoin clariti

Chairman of the Board Senator Tim Scott described StableCoins as “Passengers only checks on blockchain”, emphasizing the need for clear regulations. Ranking of the Committee Democrat, Senator Elizabeth Warren, opposed several provisions of the bill, call It is a “threat to national security”.

The bill is now awaiting voting in full Senate. If he passes, he will cross the House of Representatives before he reached President Donald Trump table for final approval.

Genius ACT is a significant step towards providing regulatory clarity for stableCOINS in the United States. His progress reflects ongoing efforts to balance innovation with consumer protection in a quickly evolved digital landscape of property.