The Senate voted 68-30 on 11 June to call up a calling on the guidance and determination of national innovation for the US Stablecoins (Genius) ACT, which ended the Filibuster option and to move the bill to a vote on the last floor that a simple majority requires.
Majority leader John Thune, who controls the schedule of the room, started the 30-hour post-clot clock immediately after the count.
Hagerty -amendment illuminates part -time objections
The legislators can now debate a replacement amendment that is negotiated by Senator Bill Hagerty before voting to take on that language and then the entire measure. This order can be closed on June 16 or June 17, according to To Alex Thorn, Galaxy’s head of research.
Hagerty’s replacement removes a proposed prohibition on in-kind exchange and clarifies supervisory authority for non-bank issues, changes democratic negotiators who were requested after the bill First coagulation attempt failed in May.
The Revised text Maintaining strict requirements for reserve, disclosure and investigation.
Crypto Council for Innovation and the Defi Education Fund praised the mood In separate statements, invoking the margin certificate of broad support for clear federal rules. Both groups urged senators to maintain the momentum by the coming amendment and passage voices.
Bill puts one-on-one support
The Genius Act would require that every payment staboin retains high -quality, very liquid assets that are equal to the value of tokens in circulation, mainly short -approved American treasury or insured deposits.
It prohibits emptents from offering yields on the coins itself and goes full segregation of reserves of operational capital. Publishing issues must implement compliance programs for Banking Secrets Act, implement the customer’s due diligence and submit suspicious activity reports.
Entities with more than $ 10 billion in obligations are required to obtain a federal charter. At the same time, smaller issues can operate under constitutional regimes that meet minimal federal standards, subject to joint investigations by federal and national supervisors.
The legislation also commissioned the Treasury Department to publish quarterly reserve audit templates and to provide the Commodity Futures Trading Commission limited enforcement powers above spot market manipulation.
If the Senate takes the Hagerty amendment and then approves the bill, the house could act on that text without conferral a conference committee to accelerate the determination.
During the 30 post-cloture hours, only German changes are in order unless 60 senators agree on the rule, and leadership expects little of such voices.