The house approved the Genius Act in a vote of 307-122 and sent the bill to President Donald Trump, who is planning to sign it tomorrow during a ceremony of the White House, according to To Galaxy head of research Alex Thorn.
The 307-122 count showed that more than 100 Democrats were accompanied by most Republicans to promote the measure that differed from the Tight mood when accepting the motion to reconsider the bill.
House leadership has cleared the registration on the same day, so that staff can prepare the bill for presentation as soon as the Senate Secretary transfers the executed copy. This enables the president to act to the calendar leaders that will be set out on Friday.
The house also approved the Clarity Act during the same session and sent it to the Senate after a voice of 294-134 in favor of the legislation.
Genius Act -Requirements
The Genius Act establishes a federal framework for the issue and supervision of payment staboins.
The bill gives the Federal Reserve assignment to register and investigate insured storage institutions at the national level, while qualified entities qualified by the State to issue dollar-supported tokens under similar reserve, disclosure, repayment and risk management standards.
Publishing issues must have high-quality liquid assets, such as cash, treasury accounts and short-term duration of the government, equal to their token obligations. Moreover, they must report certificates with set intervals.
The measure instructs bank regulators to draw up a research schedule, creates consumer redemption rights on the same footing within limited time windows and sets segregation rules, so that issuers cannot repeat repair without obtaining specific customer authorization.
House knew the Clarity Act for Senate Review
In a separate action, the house approved the Clarity Act with a voice of 294-134 and sent the bill to the Senate.
Clarity defines jurisdiction area for digital assets trading locations that make a list of tokens that meet functional tests that fall outside the reach of the securities legislation, as soon as the networks reach sufficient decentralization and public float.
The bill commissioned the SEC and the Commodity Futures Trading Commission to set up a joint registration lane that eligible platforms for qualifying tokens, trade spot and derivatives under coordinated detention standards and dossier -smoking packages that scales with market capitalization levels.
Publishing issues that sell to American persons must submit initial information statements. The measure also instructs banking counselors to recognize qualified preservators who keep both stable coins and non -stable digital assets under shared segregation and audit rules.
The White House expects to organize the signing of the Genius Act tomorrow. The Senate now takes the Clarity Act on a schedule that has not yet drawn up leadership.
The home promotion locks in the Senate -wide voices to codify the supervision of the Federal Stablecoin and to define the trading location for broader digital assets in the current congress.