The founders of the encryption went to Washington, DC, to meet the legislators before another expected vote on the Stablecoin Bill, which initially failed in the Senate, according to the president of Coinbase Brian Armstrong.
In the May 14 Publication of Capitol Rotonda, Armstrong He said Up to “60 [crypto] The founders met “in the capital to support the directive and creation of the national innovation of the American Stablecoins, or the law of the genius, which is being considered in the Senate and the draft law of the market structure that moves through the House of Representatives.
Coinbase CEO said that the Senate can consider another vote on the genius law “We hope tomorrow” after that. Failure to get enough support From Democrats on May 8.
“Like any good negotiations, there are many details that must be worked on at the last minute, but we emphasize this urgency,” said Armstrong.
Many Democratic legislators said they will not do so Supporting any legislation related to encryption Without a specific drilling of President Donald Trump, he takes advantage of his digital projects, such as Trump Mimikoen and his international family, Liberty Financial. A Cointelegraph employee told that there was no indication that the Republicans intend to address these concerns, while the person familiar with the matter claimed that doing this would be unconstitutional.
The Senate resumed consideration of the proposal to move forward in the Genius Act on May 12, indicating another vote within days. Cointelegraph communicates with Coinbase to comment but he did not receive a response at the time of publication.
Related to: What are the following steps for the US STABLECOIN draft?
Is the two parties supporting the encryption possible under Trump’s presidency?
Republicans currently carry a small majority in the Senate and the House of Representatives, and they may need democratic support for Stablecoin and the market structure to pass. Before the 2024 elections – that is, before Trump took office, his Mimikoin issued his own and World Liberty Financial Stablecoin – some Democrats Voice with Republicans For encryption legislation that provides clarity on regulations.
If the shepherd and the genus bill are tried to proceed with the vote without any changes, it is unclear whether they have sufficient support to clarify the majority of 60 votes and avoid bills, which may lead to delay or prevent bills.
“Despite the policy surrounding Trump Mimikoen and encryption investments – which made our work definitely more complicated – I still claim to be behind the scenes, you have members of two sides of the Capitol and in both political parties who work to find consensus,” French actor Hill said at the consensus conference in Toronto on May 14.
magazine: UNSTABLECOINS: DefeGGING, runs the bank and other risks looming on the horizon
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