The Stablecoin Bill sponsored by Senator Bill Hagerty (R-TN) is moving to the next phase of the legislative process after obtaining support from the Senate Bank Committee with a dual vote of 18-6.
The guidance and establishment of National Innovation for the American Stablecoins (Genius) Act wants to determine clarity about the regulation of stablecoins – cryptocurrencies that are linked to the value of another active such as a Fiat currency such as the US dollar.
Hagerty says that a regulation framework for Stablecoins can improve transaction efficiency, free up work capital and stimulate the demand for the American treasury.
“The Genius Act has received two -part support because it presents common sense rules that protect consumers, promote competition and promote innovation. It is time for us to offer clarity and stability that our country and its innovators need so much. “
The proposed legislation now comes closer to becoming a law. The bill must pass the Senate and the House of Representatives before it can be transferred to President Donald Trump for definitive approval.
Hagerty says,
“I am happy that my genius law successfully left the Banking Committee of the Senate with dual support from the Senate. This legislation is a crucial first step in setting up a safe and pro-growing framework that unleashes innovation and promotes the president’s mission to make America the world capital of crypto. “
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Generated image: midjourney