US SenateIn his vote on Tuesday, June 17, he approved the first extensive federal law for the crypto currency sector. Genius law It was an important step towards organizing stablecoins by accepting 23 votes against 51. The bill creates a growth -oriented framework for payment stablecoins. GENIUS Act now a different stablecoin draft law from the committee House of Representatives‘What will go.
BASIC CONTENT OF THE GENIUS LAW
The vote of the latest Genius bill in the Senate took place after weeks of committee voting, negotiations and procedure voting. Last month DemocratsThe progress vote failed since he did not support. Republican Senator Bill Hagerty The draft law is titled “Guiding and Establishing National Innovation for Us Stablecoins”.
The GENIUS law brings clear rules for exporting organizations that issue stablecoin. Your crypto coins US dollars Or it requires fully supported with similar liquid assets. Moreover, the market value of the stablecoins, which exceeds $ 50 billion, leans annual inspection. It also determines guidance principles for foreign exporters. In addition, in case of bankruptcy of the exporting organization, crypto currency owners are recognized as “super priority creditor” status.
Restrictions, discussions and next steps
The GENIUS law limits the largest public companies such as Meta and Amazon. These companies will only be able to issue stablecoin if they meet certain financial risks and consumer data confidentiality criteria. This restriction is the result of an effort to restrict the extraction of non -bank organizations of traditional financial institutions. Democrats are worried about foreign exporters’ standards of fighting money laundering and establishing a company.
On the other hand, the president Donald Trump‘s crypto money attempts deepened ties and conflict of interest has also caused criticism. The launch of World Liberty Financial’s own stablecoin, a Trump’s launch, caused controversy when the bill was discussed in the Senate. Nevertheless, the bill has passed through the Senate. Now House of Representativesin.
The House of Representatives, in April stablecoin He had passed the bill from the committee, but the general assembly vote was not held. Experts say that the Assembly can combine the ownership of the Genius Law or that Stablecoin rules can combine with a more comprehensive market structure law. However, the Trump administration supports the Genius Law. It is known that Trump wants the law to come to the table until August.
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.
