A bill that is designed to revise the regulation of the Stablecoin in the US in the Senate in the midst of partisan negotiations.
Senator Bill Hagerty (R-TN) introduced the Guiding and Festing National Innovation for Us Stablecoins (Genius) Act in February.
The potential legislation would require Stablecoin spending to support their assets for their assets in a ratio of 1: 1. The bill also states that the reserves of Stablecoin’s issuer can consist of the American currency; funds held as question deposits or insured shares at an insured Depository institution; and Treasury accounts, notes or bonds.
A group of Democrats, including some legislators who previously supported the legislation on the committee, announced during the weekend that they wanted to adopt new Stablecoin legislation, but believed that the genius law still had excellent issues.
“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.”
One of the Democrats, the Pro-Crypto senator Ruben Gallego (D-AZ), said on Thursday that there had been a meaningful two-part discussions about the bill this week, but he had extra time to that legislators needed extra time to perfect potential legislation.
“I went to the floor and asked for more time to negotiate, without postponing the timeline of the bill for the last passage. Republicans refused. Without more time to end the Bill text, there was no real two -way path ahead.
“I will always be willing to continue working on two -part legislation on Stablecoin. America must lead in this space and consumers deserve to be protected.”
The Genius Act was confronted on Thursday with a vote from the cloture and was shot by a vote of 48-49. Voice voices, which require 60 “Yeas” to succeed, end the debate about accounts and prevent filibuses.
Kristin Smith, Chief Executive of the Blockchain Association, insisted on the debate about the account to continue.
“We look forward to the next steps in this process and constant two -part discussion.”
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