The Senate passed laws on Tuesday Regulate a form of cryptocurrency Known as stable coins, the first of the industry will be a wave of invoices to strengthen their legitimacy and calm consciousness.
The fast -moving legislation, which was made with a vote of 68 to 30 and sent to the house for potential revisions The best political editions underline in the country its growing influence in Washington and beyond.
Eighteen Democratic senators Cross the passage on Tuesday to vote for legislation and set up 53-47 with the Republican majority in Senate. Republicans Sens. Josh Hawley and Rand Paul were the only members of their party to oppose the measure.
It was the second major non -partisan draft law that was advance this year through the Senate The Riley Act sheet About the enforcement of immigration in January.
Nevertheless, most Democrats rejected the law. They expressed concerns that the measure contributes 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. Sobrooks, a co-sponsor of the invoice, added: “This is a non-regulated area that is now regulated.”
Before the vote on the Senate, Senator Bill Hagerty, R-Tennes, said before the vote on the Senate, said that the legislation will have “far-reaching effects” on the financial system-a “paradigm change”, which he believes that he will bring it into the 21st century.
“With this legislation, the United States is one step closer to a leading step in Krypto,” said Hagerty.
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”.
The legislation must have passed a simple majority vote on Tuesday after removing his biggest procedural hurdle last week with a vote of 68 to 30 years. 18 Democrats faced Republicans. But the bill has more resistance than initially expected.
Trump’s participation in crypto
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.
Last month, the Republican President organized a private dinner in his golf club in Virginia with top investors in a meme coin with a Trump brand. His family adheres to a significant share World Liberty FinancialA crypto project that has launched its own stablecoin, USD1.
According to a public financial disclosure published on Friday, Trump reported 57.35 million US dollars from the token sales at World Liberty Financial in 2024. A MEME coin connected to it has generated estimated fees of $ 320 million, although profits are divided from several investors.
The administration supports the growth of crypto and its integration into the economy. Before the voice of Tuesday, the finance minister Scott Bessent asked the Senate to adopt the legislative template. He could help stablecoins “grow in a market for 3.7 trillion dollars by the end of the decade”.
Brian Armstrong, CEO from Coin base – The greatest crypto exchange of the nation and an important advocate of the legislative template – met Trump and praised his early crypto steps. 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.”
Instruct some democrats
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 that won the passage on Tuesday.
Sobrooks said “many, many changes” were made during the negotiations and “it is a much better offer because we were all at the table.”
Before the vote on Tuesday, GOP Wyoming Senator Cynthia Lummis said that it was “in order”, where StableCoin legislation ended up after the negotiations.
“I’m not enthusiastic about it, but it’s okay,” said Lummis, one of the Bill co-sponsors.
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.
“The adoption of the genius law without strong anti-corruption measures stamps a congress closure over President Trump, who sells access to the government for personal profit,” said democratic Senator Jeff Merkley in a statement after the law was passed.
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.
Among the Democrats who supported the law, Senator Elissa Slotkin, who received $ 10 million for the support of a crypto political action committee during her race during her race of Michigan. Slotkin granted the calculation “not perfect”, but called him a “good faith, cross -party start” to regulate stable coins.
Several hurdles are still confronted with the stable coin legislation 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.
