After the U.S. Senate voted to pass a revised version of the bill, guiding and establishing national innovations for the U.S. Stability Act or Genius Act are close to becoming U.S. law.
In the U.S. Senate majority 68-30 vote choose The Genius Act was passed about six weeks after Tennessee Senator Bill Hagerty introduced legislation. The companion of the bill, the Stability Bill, could be considered next in the House, where it may face recommendations for other amendments.
“With this bill, the U.S. said on the Senate floor before the vote on Tuesday: “The U.S. is closer to becoming a global leader in cryptocurrencies,” he added: “Once the Genius Act is law, businesses of all sizes, Americans across the country will be able to settle almost immediately, rather than waiting for days or sometimes days or weeks. ”
Genius Law Initially failed the ticket In May, the Senate opposes democratic opposition to U.S. President Donald Trump’s connection to the cryptocurrency industry. The Trump family has a large stake in the world’s free finances. Release your own USD1 Stablecoin In March.
It is unclear whether stable legislation has enough support to pass the House, and Republicans also have a majority of Democrats. Trump’s AI and Crypto Czar, David Sacks, Recommended in May The president will support bills passed by the Republican-controlled Congress.
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If payment stablecoins are recognized in the U.S. regulatory framework, it may open the floodgates for companies to issue their own tokens. Apple, Google, social media platforms X and Airbnb are reportedly Look at this Debate on the Genius Act and Two U.S. Senators Question whether the Yuan is If the bill is to be passed, there may be the same plan.
“Recently reported projects, Stablecoins, could grow into a $3.7 trillion market by the end of the decade,” explain Finance Minister Scott Bessent in a post on Tuesday X. “With the passage of the Genius Act, this situation is more likely.”
The market structure that houses are considering
As Stablecoin legislation gets closer to Trump’s desk, House lawmakers are still awaiting a vote for the Clarity Act to create clear market structure rules for digital assets.
Versions of the bill passed last week through the House Agriculture Committee and the House Financial Services Committee Expected to be occupied The floor vote will be held soon, but faces similar overturns by some Democrats on the president’s crypto connection.
“In advancing these bills, lawmakers have lost the opportunity to face-to-face with Trump’s cryptocurrency sanctions, the largest and most blatant corruption in presidential history,” Bartlett Naylor, a financial policy advocate for public citizens of consumer advocacy group, said in a statement shared in Genius and Gods and Clarity Clition in a statement with Cointelegrapl. “These bills legalize mass scams with the American flag.”
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