Tether, the largest fixed value of the United States, the US, has been on the agenda with long -term missing reserves and various allegations. So far, the company has avoided criticism for its operating outside the US regulatory environment. However, current developments indicate that the new bill prepared in the American Senate can take important steps towards Tether and similar institutions to subject to US legal regulations.
The prominent changes in the new Genius bill
Congress members tried to bring Genıus Act, a constant valuable digital asset law bill revised, to the senate agenda. However, as a result of the vote on Thursday, the official discussion of the bill could not be moved to the next stage. Some senators, before the vote of the bill of law could not reach the current text said. The sources that have reached the latest version of the bill revealed that Genius Act contains various important substances compared to the previous version.
The most significant change of the new version envisions that fixed valuable digital assets exporters operating abroad will be subject to US legislation if they serve US users. Thus, the legal position of companies like Tether may become clearer. In addition, the expansion of the scope in the definition of assets to support digital assets is remarkable.
New regulations for the crypto sector
The current form of Genius Act finds only Republican support with the removal of the names of democratic senators from the draft. The situation in question may reduce the opportunity of the bill to pass through the Senate. According to the transmitted, the new bill includes three significant changes: expanding authority for exporters abroad, increasing the scope of the definition of digital asset service providers and giving new secure port authority.
“The bill aims to provide a transparent and secure legal infrastructure if foreign exporters offer service to US users.”
The draft expands the definition of digital asset service providers and includes software developers, confirmatory nodes and self -storage wallets. This expansion leads to questions whether the various actors in the decentralized financial ecosystem will be subject to bank privacy law and anti -money laundering regulations.
In addition, the Treasury Minister is given the authority to provide limited flexibility for experimental projects or small -scale practices. In addition, it is also discussed how to give unilateral intervention in extraordinary situations will affect the balance of power in management.
Expected developments in the sector and existing uncertainties
Currently, it is not known when the Democratic members in the Senate receive or see the updated bill. Experts say that these changes were shaped at the end of lobbying negotiations. In March, the Senate Banking Committee agreed over two parties and the points that separate from the previous bill may have significant effects on the crypto sector.
“New regulations, decentralized financial practices and traditional finance can reshape the balance between traditional finance.”
The publication of the public in the public allows the access to discuss the possible effects of stakeholders and experts in the sector on the policies and the possible effects of the constant digital assets within the United States. It is predicted that a new meeting or voting can be held on the bill in the Senate.
Tether and the sponsor of the bill with senators who want to meet with the media organizations, reported that they could not get an answer. It is considered that updates and possible new developments can play a key role in shaping the future of the sector.
The new bill in the US Senate involves the inclusion of fixed valuable digital assets in the US legislation. While the definition of digital asset service providers are expanded, some flexibility for small -scale projects are defined. The support of the bill only by republican senators shows that the negotiations between the parties will be critical on the journey of the law. In addition, discussions continue to how the legal framework will be applied and what kind of consequences it will have throughout the sector. The bill is expected to come up again in the Senate. It is important that the representatives of the institutions and organizations to be affected by the draft are included in the process and that the regulations are fair and applicable.
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.
