The Senate issued legislation on Tuesday that it will do Organizing a form of encrypted currency Known as Stablecoins, the first thing that the industry hope will be a wave of bills to enhance its legitimacy and reassure the consumers.
The rapid legislation of the movement, which was issued by 68-30 votes and will be sent to the House of Representatives for possible review The best political spending In the country, confirmation Its increased effect In Washington and abroad.
eighteen Members of the Democratic Senate The corridor to vote in favor of legislation on Tuesday, stood with the Republican majority in the Senate 53-47. Republican Sense.
This was the second draft law from the two main parties to apply via the Senate this year, after that Riley Lake Law The enforcement of immigration in January.
However, most Democrats opposed the bill. They raised fears that this procedure does not do much to address President Donald Trump’s financial interests in the encryption space.
“We were unable to include everything we wanted definitely, but it was a good effort from the two parties,” said Senator Angela Alecoprox, DMD. “This is an area that is not organized, which will be organized now,” added Alsobroook, a participant of the draft law.
Senator Bill Hajariti, a sponsor of the draft law, said on the Senate floor before the vote that the legislation will have “long-term effects” of the financial system-“the development of changing the model”, which is believed to bring it to the twenty-first century.
“With this bill, the United States is a step closer to being a global pioneer in encryption,” said Haji.
The draft law, known as the genius law, is known as the creation of handrails and protection for consumers for Stablecoins, a type of cryptocurrency is usually linked to US dollars. This abbreviation represents “direction and creation of the national innovation of the American Stablecoins.”
The draft law only needed a simple majority vote to pass it on Tuesday, after it has already cleared the largest procedural obstacle last week in 68-30 votes, with 18 democratic people standing with Republicans. But the bill faced more resistance than expected at first.
Trump’s share in Crypto
There is a ruling on the draft law that prevents members of Congress and their families from benefiting from Stablecoins. But this ban does not extend to the president and his family, even when Trump builds an Empire from the White House.
Last month, the Republican President hosted a special dinner at the Golf Club in Virginia with major brand Mimi investors. His family holds a big share in The world is financial freedomCablecoin, USD1.
Trump mentioned that $ 57.35 million of symbolic sales in World Liberty Financial in 2024, according to the public financial disclosure issued on Friday. The associated Mimi currency was born with an estimated $ 320 million of fees, although profits are divided between many investors.
Management widely supports Crypto growth and integration into the economy. Before a vote on Tuesday, Treasury Secretary, Scott Beesen, urged the Senate to pass the bill, saying that Stablecoins could help “grow to a 3.7 trillion dollar market by the end of the contract.”
Brian Armstrong, CEO of the company Coinbase – The largest exchange of encryption in the country and a major defender of the draft law – with Trump and praised his early movements for encryption. At the end of last week, Coinbase was among the prominent brands that sponsored a show in Washington to celebrate the 250th anniversary of the army – an event coincided with the ninety -seventh birthday of Trump.
But the encryption industry confirms that they look at the legislative effort as from both parties, referring to the heroes on each side of the corridor.
“The genius law will be the most important legislation of digital assets ever to pass the US Senate,” said Tim Scott, head of the Senate Banking Committee, before the main vote last week. “It is a product of months of partisan work.”
Some Democrats object
The draft law achieved a single population in early May, when a bloc of Democrats in the Senate supported the course of the draft law in the past and voted to prevent it from progress. This prompted new negotiations that include the Republic of the Senate, Democrats and the White House, which ultimately produced the settlement version that won the passage on Tuesday.
“Several changes were made” during the negotiations and “it is a much better deal because we were all on the table,” Alsobrooks said.
Before voting on Tuesday, Senator Centum Lomes said to the Republican Party, Wyoming, that she was “approved” to the place where Stablecoin’s legislation fell after the negotiations.
“I am not pleased with it, but it’s okay,” said Le Mists, a sponsor of the bill.
However, the bill leaves fears that have not been resolved regarding the conflict of presidential interests – an issue that is still a source of tension within the Democratic Assembly.
Democratic Senator Jeff Mercli said in a statement after the draft law approached: “Passing the genius law without strong measures to combat corruption seals the conclusion of the approval of Congress on President Trump who sells access to the government for personal profit.”
Senator Elizabeth Warren, Magas, was among the most explicit as a classification member of the Senate Banking Committee, warning that the draft law creates a “superb high path” of Trump’s corruption. It has also warned that the bill will allow major technology companies, such as Amazon and DeadTo launch their Stablecoins.
Among the Democrats who supported the draft law, Senator Elisa Slocine, who received $ 10 million to support a political work committee for encryption during the Michigan race last year. Slotkin admitted that the bill was “not perfect”, but it called it “a good start, from two parties” to organize Stablecoins.
Stablecoin’s legislation still faces several obstacles before reaching the President’s office. The Republican majority in the House of Representatives must clarify, where legislators may try to attach a broader law in the market structure – a sweeping legislation that can make traffic through the Senate more difficult.
Trump said that he wanted Stablecoin’s legislation on his office before the outbreak of Congress for the August holiday, now just less than 50 days.
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