The US Senate passed the Genius Act to repair Stablecoins, which marks a win in the crypto industry
The excessive passage of the US Senate’s Stablecoin Bill’s bipartisan, with a 68-30 final vote that saw a major progress of democrats joined their Republican counterparts on Tuesday, set a new high-water mark of Crypto policy efforts in the US while the law is now heading to the House of Representative.
The main democratic support for Guide and Establishment of National Innovation for US Stablecoins of 2025 (Genius) Act It helps to give it a momentum as it reaches another room, where home lawmakers may vote here as written or pursued changes that will require the final cycle to the Senate before heading to President Donald Trump’s desk.
As written, the bill will build guards around the approval and administration of US providers of Stablecoins, dollar-based tokens such as Circle, Ripple and Tether supports. Companies that manufacture digital assets available to US users need to meet strict reserve requests, transparency requirements, compliance with money and regulatory administration that are likely to include new capital policies.
Ji Kim, the acting CEO of the Crypto Council for Innovation, called it a “historical step forward for the digital asset industry,” in a ready statement shared in advance of the vote
“This is a win for the US, a win for change and a massive step toward the appropriate regulation for digital assets in the United States,” said Amanda Tuminelli, executive director and chief legal official of the DeFI Education Fund, in a similar statement.
While it failed to convince some of the most boling democratic critics such as Senator Elizabeth Warren, saying it allowed loopholes for foreign tokens such as Tether’s
Will not deal with the conflicts shown by the personal involvement of President Trump’s crypto and removed a path for giant technology such as Amazon to issue their own coins, supporters of the bill in his party have essentially argued that doing nothing is not a choice.
“In this proposal, the United States is a step closer to being a global leader in the crypto,” said Senator Bill Hagerty, the Tennessee Republican who sponsored the bill, as the Senate prepared to vote on Tuesday. “The cost of Stablecoins will be peged into the US dollar and backed one by one by the US cash and short-term resources. It will provide assurance and confidence for the greater adoption of this technology of transformation.”
While this is the first significant crypto bill to cleanse the Senate, it is also the first time a Stablecoin bill has passed any of the Chamber, despite the years of communicating with the financial house service committee managed to produce other basic crypto laws during the previous Congress session.
The Destiny of the Genius Act is also tied to the home’s own Digital Asset Market Clarity Act, the Crypto Bill’s further sweeping of the legal walk of the US crypto’s wider market. Stablecoin’s efforts were slightly preceded by the larger work of the Bill Structure Bill, but the industry and their allies of the legislature argued that they were not sequential to be connected and needed to be together. So far, the Clarity law has been to be alerted by the relevant home committees and waiting for the floor action.
The lobbyists of the crypto industry are now returning home to both issues. A new report on Tuesday from the TRM Labs states that Stablecoins represent more than 60% of current crypto transactions, and more than 90% of coins are on the US dollar – USDC and USDT led.
“Although the TRM estimates that 99% of StableCoin’s activity is licensed, their speed, size, and liquidity has become attractive -to them for prohibited uses, including ransomware payments, fraud, and terrorist financing,” the analitical organization of the analitical organization.
Prohibited finances represent one of the major complaints of critics in Congress.
Read more: Can Tether’s dominance over the US Stablecoin bill survive?
