The possibility of approved the Genius Law by the end of the weekend of the US Senate is on the agenda. This law was prepared for stablecoins as we have shared the details before. Eleanor Terrett’s share, the entry into force of the bill depends on the consensus in the Congress said. Negotiations between both Democratic and Republican senators continue.
LAST SITUATION IN THE GENIUS LAW
Senators working on the bill are looking for a compromise on basic headings to get the support of all MPs. Some significant changes have been put into the agenda for the faster progress of the GENIUS Act during the legislative process. Accelerating the law proposal may allow the existing law production procedures to be partially skipped. For this, the senators reach an agreement on the key points in the bill, a part of the full negotiation process can be abandoned.
It is known that some senators have recently requested various changes in the bill. These demands are seen as to make it easier for the current regulation to receive more support and reach the President’s desk.
Criticism and requests for change
The search for a compromise on the GENIUS law gained momentum after some circles criticism of the bill. Critics argue that there are deficiencies of inadequacy and regulation in certain areas of the law.
On the other hand, the leading representatives of the financial sector and some senators discuss whether the law is sufficient for security, stability and transparency in the crypto asset market.
On the other hand, there is a need for a large -scale compromise in the Senate to rapidly progress the law proposal. The previous vote failed. Senators state that they can make arrangements to take into account both the financial players and the public opinion of the public.
Senator Eleanor Terrett: “There is a search for an agreement on important issues to support the bill, and the final vote is aimed to realize the quick vote.”
The changes that are thought to be added to the bill in this process seem to directly determine the applicability of the law and its effects on the market directly.
We have recently seen the news that many democrats intend to support the bill. If sufficient number is reached, Trump quickly completes the signature process after the Senate approval and ensures that the stablecoins are legalized. These banks and other financial institutions will enter the stablecoin business and indirectly pump liquidity to crypto currency markets.
The decision on the GENIUS law is expected to be made soon. How the process will be shaped, whether the bill will be implemented, and its impact on financial regulations are carefully monitored by sector representatives and investors. It is considered that this legal regulation attempt in the United States may also affect the shape of global digital asset regulations. It is useful to closely monitor the developments regarding the future of the subject.
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.
