1 week ago
The US Senate has moved the GENIUS Act 1 measurement person to becoming law, pursuing a 66–32 cloture ballot connected May 19.
The ballot signals uncommon bipartisan support, with implicit a twelve Democrats joining Republicans to determination the measure guardant aft weeks of negotiation.
Notably, its support sends the projected stablecoin authorities to the House level for further deliberation.
GENIUS Act
The GENIUS Act had initially met stiff resistance, particularly from Democratic lawmakers, who criticized its provisions astir constricted user protections, deficiency of accountability for firm issuers, and ethical exemptions for governmental figures similar Donald Trump.
This absorption resulted successful a failed ballot earlier this month.
However, closed-door talks betwixt Senate leaders and crypto argumentation advocates helped reshape the conversation.
The lawmakers from some parties made concessions to code user rights, transparency successful governmental influence, and ethical guardrails for tech companies.
These revisions satisfied immoderate antecedently undecided lawmakers, helping the measure wide this latest procedural hurdle.
Still, not everyone is convinced. Senator Elizabeth Warren, a beardown crypto critic, remains firmly opposed.
The lawmaker warned that contempt its improvements, the measure inactive leaves important gaps that could exposure consumers and nationalist fiscal systems to risk.
She said:
“There is nary excuse for Congress to walk a crypto measure that volition turbocharge Trump’s corruption.”
Community celebrates passage
Proponents of the GENIUS Act presumption the Senate’s support arsenic a landmark infinitesimal for the integer plus sector.
Senator Bill Hagerty praised the bill’s imaginable to reenforce the US dollar’s planetary presumption portion boosting request for US Treasuries by implicit $1 trillion.
He said:
“The GENIUS Act skyrockets the United States with a integer outgo model with the fastest rails possible. It volition guarantee US dollar dominance. Customers volition beryllium protected, the request for U.S. treasuries volition balloon to the tune of much than $1 trillion, and innovation successful the integer plus abstraction volition thrive successful the United States going forward.”
Bo Hines, Executive Director of the President’s Council of Digital Asset Advisors, echoed that sentiment, calling the authorities a strategical upgrade to the US payments system. He added that it volition assistance unafraid the country’s enactment successful the integer economy.
Meanwhile, Oracle blockchain web Chainlink highlighted the broader impact, stating that the GENIUS Act could supply regulatory certainty for fiat-backed stablecoins and thrust adoption globally.
Similarly, the Cedar Innovation Foundation told CryptoSlate the authorities support reflects elector enactment for broad integer plus rules and prepares Congress to beforehand broader marketplace operation reforms.
The station Rare bipartisan enactment moves GENIUS Act person to instrumentality contempt cardinal Democrats opposition appeared archetypal connected CryptoSlate.
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