The US Senate is preparing to take an important step in the regulation of crypto assets. The GENIUS law, which has been discussed for a long time and has been postponed several times, will be on the agenda on Monday and will be presented to the closing vote. Organized by the Senate majority leader John Thune, the vote is considered a turning point of the search for regulation for crypto currencies and stablecoins throughout the country.
GENIUS Act LAST SITUATION
Senator Thune’s officially demanding closing vote was effective in the last stage of the law. This development shows that the bill was moved to the Senate agenda after long -term talks. On the current bill, a change proposal from both parties is examined. These changes include the introduction of more strict rules for technology companies operating in financial assets, strengthening consumer rights and increasing the supervision of public officials.
Furthermore, the agenda of the Federal Deposit Insurance Institution (FDIC) insurance to prevent the abuse of abuse and the regulations that strengthen the bankruptcy protections may contribute to the broader support of the law. It is stated that the voting of the bill in this state aims to balance a balance between financial innovation and accountability.
The Senate sources, “a compromise with a compromise of technology and financial sectors will be brought more strict inspection,” he said.
What the Genius Law brought
The bill was first presented by Senator Bill Hagerty to regulate stablecoin exporters in the USA. The GENIUS Act offers a framework that will enable one -to -one indexation of fixed valuable crypto tokens (stablecoin) to the US dollar and transparently management of these tokens. According to the bill, large exporters with $ 10 billion or more may be subject to the audit of the Federal Reserve. Smaller exporters will be audited by state authorities.
All exporters will be asked to support circulating tokens with assets such as US dollar or treasury bills, as well as publish transparency reports regularly. The bill also aims to protect the dominant role of the US Dollar in global markets and to increase financial inclusion.
Crypto money arrangement
While the process of the Genius Law in the Senate, the House of Representatives had previously accepted a similar regulation. In this law, called “Stable Act ,, common rules for the export of all stablecoins indexed to the US dollar have been set. Common crypto tokens, such as TETHER (USDT) and USD Coin (USDC), are also included.
Supporters argue that the prepared law will strengthen consumer rights at a time when crypto currencies spread rapidly and that the US will continue to lead the leadership in financial technologies. Dan Meuser, a member of the House of Representatives, made the following statement:
“This law brings the necessary measures in the period when the use of crypto currencies increases and tries to prevent risky practices by providing transparency.”
The law aims to ensure that the activities of crypto asset companies are firmly inspected by making transparency conditions compulsory. It is emphasized that the Congress has rapidly rapidly rapidly rapidly the new regulations, especially GENIUS and STABLE laws in order to ensure order in the crypto financial system.
The laws aiming to get the strict supervision of digital assets and companies that manage these assets in the US are aiming to harmonize the stability of the financial system and innovation. With the new regulations, it is expected that both the protection of consumer rights and the transparency of financial technology will be increased. If the law is adopted, the digital asset market is thought to be subject to more pronounced rules and more strict control.
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.
