3 weeks ago
Treasury Secretary Scott Bessent stated connected June 17 that stablecoins could chopped national borrowing costs and dilatory indebtedness maturation if Congress sends the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act to the president.
In an X post, he pointed to research projecting a $3.7 trillion stablecoin marketplace by 2030 and argued that the measure would accelerate that enlargement by mounting reserve, audit, and licensing rules.
Bessent called the result “a win-win-win” for issuers, the Treasury, and consumers due to the fact that outgo coin reserves would beryllium mostly successful short-dated US Treasuries, lifting request for the securities and easing financing pressure.
The Senate volition ballot connected the GENIUS Act today, with the league starting astatine 4:30 PM Eastern Time.
Senate ballot and measure mechanics
The Senate voted 68-30 connected June 11 to invoke cloture connected the GENIUS Act, ending statement and starting the 30-hour timepiece toward a last rotation call.
Majority Leader John Thune placed the measurement connected the chamber’s past voting artifact earlier it moves to the House.
The measure would necessitate each outgo stablecoin to clasp high-quality, highly liquid assets adjacent to tokens successful circulation, chiefly Treasury bills oregon insured deposits portion barring issuers from offering yield.
Accounts segregated from operating superior indispensable clasp the reserves, and issuers indispensable instrumentality Bank Secrecy Act programs, behaviour lawsuit owed diligence checks, and study suspicious activity.
Entities with much than $10 cardinal successful liabilities would request a national charter, but smaller issuers could run nether authorities regimes that conscionable national standards, taxable to associated examinations.
The authorities directs the Treasury to people quarterly reserve audit templates and grants the Commodity Futures Trading Commission constricted enforcement authorization successful the spot market.
Senate supporters accidental Minority Whip Bill Hagerty’s amendment, if adopted, could fto the House walk the measure without a league committee, speeding enactment.
Bessent linked the reserve mandate to an anticipated surge successful backstage request for Treasury bills, remarking that the caller purchaser basal could assistance “rein successful the nationalist debt.” He added that dollar-denominated outgo coins would present millions of users worldwide to digital-asset rails settled successful US currency.
The Senate’s determination aboriginal contiguous volition find whether those fiscal and marketplace effects determination beyond projection.
The station Treasury Secretary Bessent says stablecoins are indebtedness alleviation motor arsenic Senate readies to ballot connected GENIUS Act appeared archetypal connected CryptoSlate.
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