On May 8, the Senate failed in the United States lunge The long -awaited genius law, which would create clear rules for Stablecoins. The draft law, which had support from the two parties, was decisive in giving a strong foothold in regulating digital assets.
in vote On Thursday, only 49 members of the Senate Voice to apply The draft law for full voting, less than 60 votes required to end the debate about the draft law officially. It is worth noting that two Republican Senate – Senator Josh Holie and Senator Rand Paul – voted alongside Democrats against moving forward in the bill.
Democrats, who once supported GeniusWithdrawing their support after the media reports linking President Donald Trump to a new cryptocurrency project. A company believed to be associated with the Trump family, the scientist Liberty Financial, Stablecoin two months ago, $ 1, and received an investment of two billion dollars from the United Arab Emirates.
This raised the red flags. Democrats accused that Trump was a public policy for his financial advantage. Senator Elizabeth Warren, a pioneering voice in the Senate Banking Committee, said that the genius law – which was approved last week – failed to obtain serious guarantees to protect against money laundering, foreign intervention and conflicts of interests.
It believes that the draft law will remove the way for what he called “corruption of encryption” and that it can be used to hide corrupt financial practices in the name of innovation.
Ten of the Democratic Senators previously supported the draft law, who changed their votes. They called for tougher rules to combat money laundering and protect national security. They made their votes against moving the bill forward when these changes cannot be promised.
Republicans blame the Democrats for their exit from the Stablecoin bill
Republicans were quick to seize the reflection of the Democrats. Senator Tim Scott, a senior member of the Banking Committee, said that the Democrats allow animation to President Trump to stand up to progress.
It was called “Trump’s Difficulty Syndrome” and said that the Democrats would go further to harm the future of the United States to prevent Trump from registering what they imagined was the victory.
Senator Republican supporter of the race He said She was “With deep disappointment“The result. She said that a large bill from the two parties was carefully designed to organize Stablecoins, protect consumers, and help the United States stay competitive.
In one of the centers X, Senator Bill Hajri, who submitted the bill, stated that the Democrats had abandoned the unilateral American ability in the digital asset industry to CCP because they fear left extremists in their party.
Congress advances in the framework of Stablecoin
The majority leader of the Senate John Thun said he would propose to review the draft law next week. This means that the genius law can come to another discussion. But it is not clear whether the current political climate will allow the second round to survive.
It was initially scheduled for the final bill to vote by May 26. It was possible to be the first important organization of the cryptocurrency in the United States if it was passed – a milestone for this industry.
Now, the entire process may have to start again. The draft law may return to the level of the committee. At this stage, legislators are likely to try to re -provide confidence and a new balance.
Another high -level Suggest coding Recently Go out of its path By a strong democratic, actor Maxine Waters, who described the plan as “Trump’s corruption in camouflage.”
It is a turning point for us. The encryption organization has become a political battlefield during the 2024 presidential race. The effects of voting indicate that digital asset legislation is certainly controversial, while drawing deep lines and more than a few political mathematics to be done.
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