The Senate of the United States has announced that it is working on the GENIUS law to bring the legislation to regulate digital asset providers. The bill is brought to the agenda with the aim of controlling the institutions operating in the digital field and protecting the innovation environment. This step is thought to be important in terms of being the first major law attempt against the crypto sector. The law is considered part of a large regulation process in which similar initiatives continue in both assemblies.
Legal regulation process
John Thune, the majority leader of the Senate, is trying to accelerate the process to quickly vote. This step, which aims to minimize delays in the procedure, is interpreted as an attempt to plan the process from the front. The Senate Banking Committee has approved the bill with extensive support in the previous vote. This development may indicate that the bill may attract similar attention in the following stages.
Between Parties Cooperation
Both the Senate and the House of Representatives are continuing studies on similar regulation laws. The relevant committees aim to create equal rules for both local and foreign actors in the field of digital assets by implementing the bill. This suggests that the draft law can prepare the ground for reconciliation and cooperation between parties. Support from different views reveals that the discussions can be evaluated more constructively in the future.
Effect of the Draft Law
The implementation of the draft law is considered important in terms of organizing competition in the digital asset sector and providing a fair competitive environment. The law foresees that foreign companies will operate within the same rules. Thus, it is aimed to prevent market actors from acting independent of the international arena.
Senator Bill Hagerty: orum I hope to spend the Genius Law as soon as possible in order to maintain digital asset innovation in America, to protect customers and to ensure that foreign companies compete on equal conditions. ”
Other officials have also stated that the differences between the two drafts were tried to be closed during the preparation process of the bill. As a result of these efforts, both councils are expected to take steps that may affect the final decision. The issue is aimed to form the basis of the regulations to be brought to the digital asset sector.
The current studies are considered as a reflection of the increasing need for regulation in the digital asset sector. The bill is thought to include the recommended methods and measures to provide balance and transparency in the sector. In the future, it is foreseen that the regulations to be implemented may have significant effects 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.
