The American Senate voted to advance the GeniusThe first stablecoin legislation in the country.
Like Bloomberg News reportedBipartite vote Monday, May 19 intervened two weeks after the Democrats in the Senate joined forces to block the legislation. The bill should now be debated by the Senate in the hope of spending later this week.
Democrats had filibusted Engineering (guiding and establishing national innovation for American stables) acts earlier this month, partly because of their opposition to President Donald Trump involvement in the cryptocurrency sector.
However, the report added that the Senate voted 66-32 Monday evening to end the obstruction. A group of friendly crypto democrats had negotiated changes to the legislation and pushed their colleagues to support him, even without banning Trump benefiting from his family Several Crypto companies During his mandate.
Senator Mark Warner (D-VA) said that these concerns should not hinder legislation, qualifying the “not perfect” bill but “much better than the status quo”.
Progressive democrats such as Senator Elizabeth Warren from Massachusetts remain opposite, Bloomberg noting that Warren and Senator Pro-Crypto Kirsten Gillibrand in New York had a “stormy argument” upstairs of the Senate on Monday evening.
“The adoption of this bill means that we can expect more anonymous buyers, large companies and foreign governments to use the President’s scouring both as a provisional banking account of government surveillance and as a means of personally repaying the president,” said Warren. “For crooks, it’s a two for one.”
A separate report By NBC News said the vote came after the senators agreed at the end of last week on an amendment to the bill which addressed important democratic collage points.
The amendment, obtained by NBC News, includes new modifications to the rules for consumer protection and limits for technological companies issuing stalls. Such a provision could apply to companies such as Metawhich should consider using stablecoins for cross -border payments.
It would also apply ethics standards to special government employees, including Elon Musk and David Sacks technological entrepreneursaid the NBC report.
As Pymnts wrote last week, the debate on the bill occurs in the middle of “generalized recognition in Washington that Stablecoins are too big to ignore. “”
“With more than $ 230 billion in traffic and growing integration into Global payment systemsThese digital tokens quickly become the cornerstone of modern finances, “said this report.” Political decision -makers are faced with a double challenge to promote innovation while protecting consumers and national security. “”
