The Senate is going through a large encoding legislation as head of banking services “historic day”

The Senate approved the law of guidance and the establishment of the national innovation of the United States Law Stablecoins (Genius) on Tuesday, after Teacher encryption legislation He faced a number of obstacles before reaching them through the finish line in the upper room.

One of the biggest defenders of the draft law is the head of the Senate Banking Committee and the predecessor Presidential candidate Tim ScottRS.C. , Who led the bill through his committee to support Democrat. Scott said that the genius law was “the first of its kind” after the draft law passed the Senate in an exclusive interview with Fox News Digital.

“We are on the threshold of doing something that has not been done in the history of the country,” Scott explained. “This relates to democracy more than Democrats or Republicans. This relates to ensuring that single mothers such as those that sparked me can expect that this digital economy will reduce costs and allow them to use those dollars on other priorities.”

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The draft law of the two parties, presented by Senator Bill Hajri, R-Tenn, faced challenges all the way to the Senate Hall after the Democrats The bill was prevented In early May. The majority leader of the Senate John Thun, R-South Dakota, said that he asked whether “just the democrats hinder because they want to deny the Republicans, or President TrumpWinning from the two parties, “at the time of the vote last month.

The main component of the legislation is to create a regulatory framework for Stablecoins, an indication that Congress and the federal government take the coding industry more seriously.

Cabinet Secretary of Scott Pesin Legislation praised Tuesday morning before the draft law was approved, which increased the Trump administration’s support for the encryption industry.

“Recent reporting projects that can grow stablecoins to become a 3.7 trillion dollar market by the end of the contract”, “Bessent It was published to X.. “This scenario becomes more likely with the passage of the genius law.”

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The draft law is now heading home, and if the lower room passes, it will end up to the President’s office. Senator Tim Scott Fox told that he was optimistic that the genius law would be signed to become a law by August.

Scott told Fox News Digital: “Its output from the Senate means that we have accomplished our part of the job, which is the part that I control more than others, and we hope, and I return to celebrate it throughout the country.” “Then the House of Representatives gets to work to know this process. I think we will see the president’s signing of legislation frankly by August.”

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Industry leaders also gathered about the bill, as Christine Smith, head of the Solana Policy Institute and President of the former Blwcen Association, told the legislation that would open “tremendous potential”.

“This genius law will develop clear rules for Stablecoins, and to cancel the enormous capabilities of the most efficient payments and financial services,” Smith explained. “We salute the members of the Senate and their employees who defended this critical framework and we look forward to rapid work in the House of Representatives to obtain this through the finish line.”

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The timetable for the vote of the House of Representatives is still unclear, but Senator Scott’s passion and the Trump administration in obtaining a genius law in the law will play a role in this process.