Stablecoins bill is ensured a bipartisan victory in the US Senate

By Hannah Pérez

The Genius bill The Senate secured more than 60 votes in favor, which invoked coagulation, a procedure step that allows the bill to proceed to a greater debate before a final vote in the Chamber.

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• The Genius bill passes key vote in the US Senate.
• The legislation, which proposes a regulatory framework for the stablecoins, secured bipartisan support.
• Democrats who had previously rejected the project, supported the progress of the version.
• The “historical” approval precedes greater debate before a final vote in the camera.

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The United States Senate voted on Monday so that a bill that seeks to regulate Stablecoins Advance, a key procedural step for complete final approval in the Chamber.

The bill ‘Genius’ received enough votes to transfer the legislation to an additional debate period before a series of final votes to pass it from the Senate. In particular, members DThe Senate 66-32 voted Monday night, as the news media reported COINDESK and The Block.

The legislative proposal required 60 votes to invoke coagulation, a procedural movement that clears the way for a greater debate, as explained by coverage, which implied bipartisan support.

Several legislators and leaders of the cryptocurrency industry described the bipartisan approval as “historical“, Claiming that I could help”guarantee the domain of the dollar in the United States“

The Democrats had previously stopped the progress of the Genius project in the Senate, with none of the members of that party wing by accessing their legislative progress. The Democrats had expressed concern about the need for stronger standards after a similar effort in the Chamber was ensured bipartisan support.

The legislators spent much of the last week negotiating changes in the project language, and a source told COINDESK that “There are enough”Changes in the most recent version to address some of the concerns of the Democrats, although he added that the draft could have added more consumer protection provisions.

Key approval, with bipartisan support in the US Senate.

The signing of a bill to regulate Stablecoins It is one of the express priorities of the Donald Trump administration for this year. The president has previously said that he would like to have a project ready to sign on his desk before August.

Genius law seeks to establish a federal regulatory framework for digital tokens backed by fiduciary currency, primarily the US dollar, –best known as Stablecoins. This advance would be the first of its kind in the country and, if approved, it would mark a turning point for the crypto industry on American soil.

The bill would demand that stable currencies be fully backed by US dollars or highly liquid assets. It would also require annual audits for issuers with market capitalizations greater than USD $ 50 billion, and introduce provisions related to foreign issuing.

“This innovative bipartisan legislation will bring the US payment system to the 21st century” said The senator Republican, Bill Hagerty, who directed the legislation, after Monday’s vote.

“Today’s successful vote to move forward in the consideration of Genius’s Senate is truly historical and demonstrates exactly how Congress works“, Ji Kim, president and interim CEO of the Crypto Council for Innovation, commented.

“This vote reflects months of dedicated work of staff and significant negotiations and contributions from the Republican and Democratic offices that substantially improved this bill“He added.

Greater debate before a final vote

The supporters of the cryptocurrencies had sent more than 60,000 emails to the senators urging them to support the bill, according to The Defense Group Stand with cry.

Even so, not all Democrats left happy. The senator Elizabeth Warren, known for her skeptical position against cryptocurrencies, argued that the bill falls short when addressing the ties of President Trump with the cryptocurrency industry and criticized the stable USD1 currency, recently launched by World Liberty Financiallinked to Trump.

After Monday’s vote, legislators must take votes on changes in the bill and take measures to obtain a final vote on the bill. The House of Representatives is working through its own version of the legislation of Stablecoinbetter known as Stable Law.

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Hannah Estefanía Pérez / Diariobitcoin

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