During the construction of the new regulation planned to be implemented in the USA, some senators have reservations about the current state of Genıus Act. The provisions in the existing text are considered inadequate in terms of combating money laundering and ensuring national security. This may cause uncertainty during the final voting phase of the bill.
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Senators, the updated text of the regulation criticized some of the articles. In particular, there are demands to tighten anti-black money laundering measures and national security measures. In addition, the uncertainty and sufficient penalties regarding the foreign regulations in the bill may lead to unwanted disruptions in the financial system.
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The decision of the senators not to support the bill in its current form created an environment that could negatively affect the final vote of the law. It is thought that the bill should be reviewed before being submitted to the vote. This shy attitude can lead to prolongation of the process and an increase in uncertainty in the market.
Ruben Gallego: uz We want to continue cooperation with our colleagues, but we cannot vote on the current draft. ”
The possible delay in the implementation of the new regulation may lead to the reconsideration of financial market actors. The market said that the existing regulations may experience a short and medium term because of the lack of sufficient arrangements. The objections of the senators point to the need to make additional changes on the bill.
Some actors operating in the sector may need to revise their strategies in the uncertainty environment. The implementation of the regulation without clarification may force the market to take cautious steps. As a matter of fact, at the basis of the increasing interest of financial companies to crypto, the trust given by GENIUS was lying.
While the bill is expected to be voted before May 26, the possibility of postponing this plan as a result of the differences of opinion between the senators is on the agenda.
The current uncertainty can create difficulties for risk management for both regulatory institutions and companies in the sector. Observed objections point to the necessity of comprehensive changes to regulation. The final decisions to be taken will be directly effective on the sector.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
