The US Senate voted on Monday to promote the guidance and setting up of national innovation for the US Stablecoins Act (Genius Act), a bill aimed at regulating Stablecoins, after a procedural vote of 66-32.
The legislation, introduced by Senator Bill Hagerty (R-tenn.), Ensures a federal framework for stablecoin expenditure, which requires full asset support, monthly reserve publications and annual audits for emennin who more than $ 50 billion in market capitalization.
The bill also limits algorithmic stablecoins and prohibits large technology companies to issue stablecoins, unless they meet the financial risk and consumer privacy criteria.
The vote came two weeks after the Senaatdemocrats had blocked the measure, and called concern about consumer protection and possible conflicts of interest with regard to the cryptocurrency companies of President Donald Trump.
“The bill that is currently standing still has numerous problems that must be tackled, including the addition of stronger provisions on anti-wrywas, foreign emennials, national security, the preservation of the safety and solidity of our financial system and accountability for those who do not meet the requirements of the law.”
Several democratic senators later changed their position, so that the bill on the Senate floor could debate.
The Genius Act is expected to be confronted before a final vote, which could take place after the end of the week. If determined, the bill would mark the first federal regulatory framework for Stablecoins, a sector that is currently valued at almost $ 250 billion.
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