In the US Senate, the draft “Genius Act olan, which aims to bring federal regulation to its stablecoins, was re -raised after its failure in the first vote. In the first stage, the bill rejected with 48-49 will be presented to the Senate once again with a new vote. After the last vote, as a result of inter -party talks last week, some changes were made to the bill and a compromise was searched on the updated version.
Crypto Monetary Law Vote
It has not yet been certain whether the draft law will pass. In the first vote, the Democrats voted collectively and two Republican senators participated in this decision. Among the reasons of the democrats, the reservations of the inadequate protection of consumer rights and US President Trump’s proximity to the crypto currency sector came to the fore. In the last week, the Democratic Senators participated in negotiations and made changes to the elimination of some concerns.
60 yes votes are required for success in the Senate General Assembly. While most of the Republican’s view will support the bill, the critical point lies in the votes of at least 9 democratic senators. Senator Gillibrand and Warner are seen among those who will vote for a definite yes. Alsobrooks and Gallego are expected to vote for a positive vote because they are names in the negotiations. In addition, seven democratic senators are expected to support the bill.
The law can be approved
Democrat negotiators shared with the public with a document issued on Thursday with the public. Accordingly, the protection of consumer protection laws was emphasized primarily and the validity of regulations at both federal and state levels were guaranteed. In addition, more strict arrangements have been introduced for large technology companies to export stablecoin, and the condition that they meet systemic risk and data confidentiality requirements were added.
In the new case of the bill, the rules that necessitated the US standards in both regulatory and technical fields have been introduced in the new case of the bill. In addition, the use of misleading terms such as “FDIC insured” was explicitly prohibited in the marketing of stablecoins. Profit stablecoins were completely banned, whether domestic or foreign origin.
In addition to all these regulations, the Ministry of Treasury was given additional powers for suspending licenses and risky practices. Stablecoin investors have been added to the protection of bankruptcy in case of bankruptcy. Finally, national security and money laundering measures, which include new compulsory practices through Fincen to prevent financial crimes, were included in the bill.
Sen The negotiations were of course not easy, but I would like to thank GOP leader Thune, President Scott, Senators Hagerty and Gillibrand for their determination to enact Genius Act. I hope to present these two -party structure to President Trump’s signature. ”
Senator Mark Warner, one of the leading names of the Democrats, said, “The Stablecoin market reached $ 250 billion. The US cannot continue to wait on the sidelines. Although I have some concerns that the Trump family can use crypto currencies to avoid surveillance, our values may be damaged if the American law makers do not shape this area.
Although significant progress has been made in the new bill, it remains uncertain how the final picture is shaped. Eyes, in particular, the democrats who voted in the previous vote, despite the concessions made when they go to change their decisions. It is a clear fact that the result of the vote can be a precedent in terms of digital asset market regulations in the USA. The approval of the law and the fact that Trump is in front of Trump will be quite good news for crypto currencies.
If the bill passes, radical arrangements will enter into force in the stabilcoin market that will protect the consumer and limit the dominance of major technology companies in the market. In addition, overseas -based crypto asset exporters will have to comply with American regulations. These developments have a new legal framework for the ecosystem of digital existence and are seen as steps to increase the US competitiveness in the global sphere.
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.
