Historical Day for Stablecoins in the US: Genial Law Associated by the Senate

The law that is discussed. The Génia Act (leadership and establishment of national innovations for US Stablecoins) is a bill to create a regulatory framework for stablecoins in the United States. This text, designed by the Republican Senator Bill Hagerty, was accepted on Tuesday, June 17th, despite the opposition of some Democrats who condemned the conflicts of President Donald Trump’s interest in the crypto sector. The bill must still be approved by the House of Representatives before the President is declared. We are inviting.

The Genius of the Stablecoins Act passes to the Senate

The brilliant law was passed by the Senate 68 votes against 30with the support of 18 democrats. The text plans to entrust supervision of stable Federal reserve (Fed), which will have to ensure that the issuers of these digital tokens meet certain standards of safety and transparency. The law also undertakes stablecoin issuers to have reserves in dollars or equivalent liquid assets to guarantee the parity of their chips with a dollar.

For Senator Hagery is a brilliant law necessary to protect consumers And promote innovations in the field of stablecoins that are increasingly used as fast and cheap means of payment. It believes that this legislation will allow the United States to remain competitive against China, which develops its own digital Juan.

Democrats condemn Trump’s conflicts of interest

But the law Genius is not unanimous inside the Senate. Several Democrats voted against the text and accused President Trump for using his position to promote his personal interests in the crypto sector. The President and his family really have an important role in World Liberty Financial, which launched its own Stablecoin, USD1.

The Democrats accuse Trump You want to use the regulation of stablecoins to enrich your cryptomic empire, at the expense of national security and financial stability. In particular, they are afraid that stablecoins issued by private companies will compete with the dollar and facilitate money washing or financing terrorism.

The brilliant law must now be examined by the House of Representatives, where it can meet other obstacles. Republicans who have a short majority could be tempted to combine this text with an account Brightnessaimed at clarifying the legal position of other altcoins such as bitcoins or Ethereum. This law is also supported by President Trump, but also evokes unwillingness among democrats.