The Senate is a progressing genius procedure whose goal is to regulate stablecoin

The American Senate voted on Monday, 19. Maja, to move forward with Genius ACT, a law on a significant account that would create a regulatory framework for Stablecoins.

According to the results published On the Senate’s website, the bill has adopted 66-32 votes, which means it will switch to the next phase. Bipartisan voting was cleaned by a wing bar, a procedural move that enables the bill to advance in full discussion and potential amendments upstairs Senate.

Draft Law, which introduced Vin. Bill Hagerti (R-TN), would require StableCoin issuers to be full reserves in dollars or highly liquid assets, submit regular audits and accompany stricter guidelines If it issues more than $ 50 billion token. It also includes monitoring foreign publishers, aimed at restricting financial risk and prevent abuse.

Just two weeks ago, 8. May, a similar voice Failed to 48-49 After several democrats, the red flag raised. Their concerns included weak consumer protection, a lack of responsibility for corporate issuers and exclusion of the Law on the former President Donald Trump, a well-known coupling fan, of the rules of ethics. Trump is also related to financial world freedom, a group recently launched Stablecoin in the dollar.

But political tides turned off after negotiations with scenery, as was as export by Punchbowl News. Some democrats secured concessions regarding consumer protection, great technical ethics and conflict of interest. One provision ensures that the rules of ethics relate to “regular and special government officials, including Elona Musk”.

However, critics notes that Trump remains exceptional than these standards, raising the continued opposition of the figure like hay. Elizabeth Warren (D-MA), who said that the account was “worse than anyone” in general. “

Several democrats who initially opposed the genius part, including sensing. Ruben Gallego (D-AZ), Mark Warner (D-VA), Lisa Blunt Rochester (D-PA), Angela also, and Kirsten Gillibrand (D-Ni), turned over Monday night.

Account passed Senate Banking Board 13. Marta 13 with bipartic support. Although the latest version no longer has democratic sponsors, it has been towed on both sides. If he passed, the law would create one of the clearest federal frameworks, however, Stablecoins can be issued and regulated in the United States final voting on the genius part, it could happen later this week.