Genius ACT: Senate is ahead of the first cryptocurnent legislation

CNN
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The Senate voted 66-32 Monday in the evening to improve the first competition legislation to regulate “StableCoins”, some kind of cryptocurrency. Democrats had at first voted to block the account Earlier this month in the middle of concern over President Donald Trump Criptocurrencial offers.

Legislation, known as Genius ACT, is focused on what is known as stablecoin, digital currency related to the value of a certain asset – in this case the US dollar. The pressure on the bill represented a rare bipartisan senate effort for large legislation. But while in Senat there was a general agreement that regulation is necessary, key democracies initially initially moved promotion after demanding changes in legislation.

The Republicans and Democrats continued the negotiating after the bill failed to progress, resulting in a new draft amendment during the weekend that collected enough support among democrats to move the package forward.

However, the Democratic Board remained divided into its support for the draft law; While over a dozen Democrats voted with Republicans to advance it, older democratic leadership – including the leader of minority Chuck Schumer and the minority whip Dick Durbin – voted against the complaints about the wing.

“Stablecoins already play an important role in the global economy and is essential that the United States is made by laws that protect consumers, and at the same time, in the statement, he said in the statement in the statement in the statement.

“The Law on Bipartisan Genius will provide regulatory clarity to this important industry, keep innovation on the coast, add a robust consumer protection and re-confirm the dominance of the US dollar,” Gillibrand continued.

Sen. Mark Warner, who voted with his democratic counterparts, insisting that “he was still not completed”, calling him “meaningful step forward” by acknowledging it by acknowledging democratic acts.

“Many senators also included very real concerns about the use of CRIPTOs and personally profit for the damage to these abuse and stop that Donald Trump is to take advantage technologies to use prominent technologies to take advantage of Reputable technologies to use prominent technologies to use prominent technologies to take advantage of prominent technologies and use to use prominent technologies to take advantage of prominent technology to use Donald Trump.

“Innovation in this space happens, with or without us. We have a responsibility to be safely, transparently, and in the way American economic and national security interests will help you start,” Varner said.

However, since some democrats insisted that an imperfect account is better than without regulatory legislation, the highest democrat at the Senate bank commissions claimed the opposite. In speech on the floor in the Senate on Monday afternoon, Sen. Elizabeth Warren insisted: “Although a strong stablecoin account is the best possible outcome, this weak account is worse than not the bill of laws at all.”

Varren opposed the earlier versions of Genius ACT, warning that the accounts of the Law on the Regulation of Stablecoin without teeth were without causing consumers, encourage corruption and even lead to a potential financial crisis.