1 day ago
The Senate voted 68-30 connected June 11 to invoke cloture connected the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act, ending the filibuster enactment and moving the measure toward a last level ballot that volition necessitate a elemental majority.
Majority Leader John Thune, who controls the chamber’s schedule, started the 30-hour post-cloture timepiece instantly aft the tally.
Hagerty amendment eases partisan objections
Lawmakers tin present statement a substitute amendment negotiated by Senator Bill Hagerty earlier voting to follow that connection and past the full measure. This series tin reason connected either June 16 oregon June 17, according to Alex Thorn, Galaxy’s caput of research.
Hagerty’s substitute removes a projected prohibition connected in-kind redemptions and clarifies supervisory authorization for non-bank issuers, changes Democratic negotiators requested aft the bill’s first cloture effort failed successful May.
The revised text maintained strict requirements for reserve, disclosure, and examination.
Crypto Council for Innovation and the DeFi Education Fund praised the vote successful abstracted statements, calling the borderline impervious of broad enactment for wide national rules. Both groups urged senators to support momentum done the upcoming amendment and transition votes.
Bill imposes one-to-one backing
The GENIUS Act would necessitate each outgo stablecoin to clasp high-quality, highly liquid assets adjacent to the worth of tokens successful circulation, chiefly short-dated US Treasuries oregon insured deposits.
It bars issuers from offering output connected the coins themselves and mandates implicit segregation of reserves from operational capital. Issuers indispensable instrumentality Bank Secrecy Act compliance programs, behaviour lawsuit owed diligence, and record suspicious enactment reports.
Entities with much than $10 cardinal successful liabilities are required to get a national charter. At the aforesaid time, smaller issuers whitethorn run nether authorities regimes that conscionable minimum national standards, taxable to associated examinations by national and authorities regulators.
The authorities besides directs the Treasury Department to people quarterly reserve audit templates and grants the Commodity Futures Trading Commission constricted enforcement powers implicit spot-market manipulation.
If the Senate adopts the Hagerty amendment and past passes the bill, the House could enactment connected that substance without convening a league committee, speeding enactment.
During the 30 post-cloture hours, lone germane amendments are successful bid unless 60 senators hold to waive the rule, and enactment expects fewer specified votes.
The station Senate’s 68-30 cloture ballot speeds GENIUS Act toward elemental bulk passage appeared archetypal connected CryptoSlate.
English (US) 