On Monday, the US Senate voted to move forward in the law of guidance and the establishment of the national innovation of the United States Law (the Genius Law), a draft law aimed at organizing Stablecoins, after a procedural vote 66-32.
Legislation, foot Written by Senator Bill Hajri (R-ENN), seeks to create a federal framework for Stablecoin, which requires full asset support, monthly backup disclosure, and annual reviews of exporters who exceed $ 50 billion in market value.
The draft law also Adhere Stablecoins prohibits algorithm and prohibiting large technology companies from Stablecoins unless it meets financial risks and consumer privacy standards.
The vote comes two weeks after the Democrats in the Senate conducting this measure, pointing to concerns about consumer protection and potential conflicts in the interests related to President Donald Trump’s encrypted currency projects.
“The draft law remains because it still has many issues that must be addressed, including adding stronger provisions on money laundering, foreign exporters, national security, maintaining the integrity of our financial system, and accountability for those who do not meet the requirements of the law.”
Several Democratic Senate members later changed their position, allowing the draft law to move forward in the Senate Hall.
The genius law is expected to face more amendments before the final vote, which can occur early in the weekend. If a year, the draft law will celebrate the first federal regulatory framework of Stablecoins, a sector currently with a value of about $ 250 billion.
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