It is expected that the Senate approved laws on Tuesday that regulate a form of cryptocurrency, which is known as stable coins, the first of a wave of crypto law regulations of the congress that the industry hopes to strengthen its legitimacy and calm consciousness.
The rapidly moving legislation, which is sent to the house for potential revisions its growing influence in Washington and beyond.
Eighteen Democratic senators have shown support for the legislation of how preliminary offer and the Republican majority deal with the Senate of 53-47. When it is adopted, it will be the second major non -partisanity law that is progressing this year by the Senate according to which the Laken Riley Act About the enforcement of immigration in January.
Nevertheless, most Democrats are against the bill. You have expressed concerns that the measure does little to address the personal financial interests of President Donald Trump in the crypto area.
“We certainly couldn’t involve everything we would have liked, but it was a good cross-party effort,” said Senator Angela Sobrooks, D-Md., On Monday. She added: “This is an unregulated area that is now regulated.”
Known as Genius Act, the legislation and consumer protection for stable coins would determine a kind of cryptocurrency that typically came to the US dollar. The acronym stands for “leading and founding of the national innovation for US stable coins”.
It is expected that it will be passed on Tuesday, since it only requires a simple majority vote-and it has already clarified its biggest procedural hurdle last week with a vote of 68 to 30. But the bill has more resistance than initially expected.
The legislation provides that members of the congress and their families benefit stable coins. But this ban does not extend to the president and his family, even if Trump builds a crypto empire out of the White House.
Trump organized a private dinner last month in his golf club with top investors in a meme coin from Trump. His family lasts a great participation World Liberty FinancialA crypto project that offers another option on which investors shop and enrich the relatives of the president. World Liberty started her own stablecoin, USD1.
The administration supports the growth of crypto and its integration into the economy. Finance Minister Scott Bessent said last week that legislation could help to drive the US StableCoin market over 2 trillion dollars by the end of 2028.
Brian Armstrong, CEO from Coin base – The The greatest crypto exchange of the nation And an important advocate of the invoice – met with Trump and praised his early steps at Krypto. Last weekend, Coinbase was one of the best -known brands that reminded a parade in Washington for the 250th anniversary of the army – an event that coincided with Trump’s 79th birthday.
However, the crypto industry emphasizes that they consider the legislative effort as a two -party and indicate champions on each side of the gang.
“The Genius Act will be the most important law on digital assets that has ever passed the US Senate,” said Tim Scott, Chairman of the Senate Bank Committee, Rs.c., before an important vote last week. “It is the product of the months of cross -party work.”
The legislative template met a rough patch in early May when a block of the Senate Democrats who had previously supported the bill, the course reversed and voted to block it before moving. This led to new negotiations in which the Republicans, Democrats and the White House of the Senate were involved, which ultimately produced the compromise version, which is expected to win the round on Tuesday.
“There were many, many changes that were made. And ultimately it is a much better business because we were all at the table,” saidbrooks.
Nevertheless, the legislative proposal leaves unresolved concerns about the president’s conflicts of interest – a topic that remains a voltage source within the democratic caucus.
Senator Elizabeth Warren, D-Mass. She has also warned that the legislation would allow large technology companies, such as: Amazon And Metato start their own stable coins.
If StableCoin legislation passed the Senate on Tuesday, it will still be exposed to several hurdles before reaching the president’s desk. The closely held republican majority in the house must clarify in which the legislators could try to teach a broader law on the market structure – comprehensive laws that could become more difficult by the Senate.
Trump said that he wanted StableCoin legislation on his desk before the congress for his August break breaks in almost 50 days.
