The guide and establishment of national innovations for the US Stablecoins, or the Genius Act, is a step closer to US legislation after the US Senate voted to pass a amended version of the bill.
In a vote on Tuesday of 68-30, a majority of US Senate chosen To pass the Genius Act nearly six weeks after the Tennessee Senator Bill Hagerty introduced the law. Including the bill, the stable law, may be considered in the House of Representative next, where it may face additional proposals for the amendments.
“With this bill, the United States is a step closer to becoming a global crypto leader,” Hagerty said from the Senate floor before Tuesday’s vote, and added: “When the Genius Act is law, businesses of all sizes, and Americans across the country can fix payments almost immediately instead of waiting for days or sometimes weeks.”
The Genius Act At first a cloture vote failed In the Senate in May in response to a democratic opposition to President Donald Trump’s connections to the cryptocurrency industry. The Trump family has a significant stake in World Liberty Financial, which released one’s own USD1 stablecoin In March.
It is unclear whether the Stablecoin law will have sufficient support to pass to the Chamber, where Republicans also hold a slim most of the Democrats. Trump’s Ai and Crypto Czar, David Sacks, suggested in May that the President will support the bill passed by a Republican -controlled Congress.
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If payment stablecoins are recognized in a US regulation framework, it may potentially open floods for companies to issue their own tokens. Apple, Google, Social Media Platform X and Airbnb have already been reported Looking at this thing In the midst of debate in the Genius Act, and two US senators asked the meta May have the same plans if the bill is passed.
“Recent reporting projects that Stablecoins can grow in a $ 3.7 trillion market by the end of the decade,” Says Secretary of Treasury Scott Bescent in a post of Tuesday X. “That situation is becoming more likely to pass the Genius Act.”
The structure of the market under consideration of home
With the Stablecoin law moving closer to Trump’s desk, lawmakers in the Chamber are still awaiting a vote in The Clarity Act to establish clear market structure rules for digital properties.
Version of the bill passing by the House Agriculture Committee and House Financial Services Committee last week and expected to be taken For a floor vote soon, but face a similar push from some Democrats to the President’s crypto ties.
“In the development of these bills, lawmakers have forgiven their opportunity to face Trump’s crypto – the biggest, most fierce corruption in the President’s history,” said Bartlett Naylor, advocate for the consumer advocacy policy organization, in a statement shared with CointeleGraph in genius and clarified law. “These bills serve to be able to control what is worth a huge scam with the American flag.”
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