A draft law designed to reform Stablecoin in the United States stopped in the Senate amid party negotiations.
Senator Bill Hajariti (R-TN) submitted the law of guidance and the creation of national innovation for the benefit of the United States Stablecoins (genius) in February.
the Possible legislation Stablecoin exporters will also maintain support for their assets by 1: 1. The draft law also states that Stablecoin can consist of an American currency; The money kept as deposits of the request or the insured shares in a secure deposit institution; Treasury bills, notes or bonds.
A group of Democrats, including some legislators who previously supported the legislation of the committee, Declare During the weekend in which they wanted to pass new legislation from Stablecoin, but they believed that the genius law still had great issues.
“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.”
One of the Democrats, Crypto supporter Senator Robin Galigo (D-IZ), He said On Thursday, there were some discussions of the two parties on the draft law this week, but he said that legislators need additional time to master possible legislation.
“I went to the ground and asked for more time to negotiate, without delaying the schedule of the draft law for the final corridor. Republicans refused. Without more time to end the text of the bill, there was no real path from the two parties forward.
“I will always be ready to continue to work on Stablecoin legislation from both parties. America must lead in this field and consumers deserve protection.”
The genius law faced a vote on Thursday and obtained it Drop Vote 48-49. The assembly sounds, which require 60 “blinds”, end the debate about bills and the prevention of a naked.
Christine Smith, CEO of Blockchain Association, Urging Discussion about the draft law to follow up.
“We look forward to the next steps in this process and continue to discuss the two parties.”
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