The US Senate took the initial measures to the final approval of its first major legislation on cryptography while the members opened the bill on Wednesday to establish standards for transmitters of American stablecoin, eliminating the largest obstacle of procedure with a result of 68-30.
In a moment that will mark the greatest success of the American industry policy to date, the famous slow Senate is about to erase legislation with large bipartisan support. And as the crypto world looks at the Senate reverse what had long been a cryptocurrency position, the House of Representatives also marked a pair of key votes to advance the even more vital legislation for industry: the law on the clarity of the digital asset market which would establish a complete set of rules managing the American surveillance of cryptographic markets.
In the Senate, the law on the stablescoins of the organization and the establishment of national innovation for the United States of 2025 (Genius) is the very revised bill which had already obtained bipartite approvals in several procedural votes and is now on what should be an inevitable path on Wednesday. The Senate was to eliminate the high bar of 60 votes to go to the final vote, which was easily obtained, because many Democrats joined the Republicans by advancing towards the regulation of stables.
The bill would establish a system under which Stablecoins can be issued in the United States under the supervision of state or federal regulators, and leaving ways for non-financial companies to launch their own documents (a point of criticism of democrats). The regulation of these assets is fundamental for the operations of the cryptographic markets, in which tokens in dollars like Circle
And TETHERs are systematically used in transactions and contracts.
During the previous session of the Congress, which was then the banking committee of the Senate managed by the Democrats was to advance cryptographic legislation, but its current republican president, Senator Tim Scott of South Carolina, became a defender of cryptography. The global pro-Crypto feeling of the room has been stronger during this session and will still be cemented by Wednesday votes.
Before the vote on Wednesday, the sponsor of the law on genius, Senator Bill Hagerty, asked his colleagues support on the bill. “This would strengthen our budgetary position and constitute the status of the dollar as a global reserve currency,” said Hagerty. “If we do not act now, but not only will these advantages do not manage, but we will also be delayed in global competitiveness without regulatory framework. But senator Elizabeth Warren, the classification democrat of the banking committee of the Senate, took the prosecution of the Senate to explode the law on geniuses.” The act of genius “does not have the basic backup necessary to ensure that genius currencies do not explode our financial system,” said the Senator Massachust. Stablecoin issuers invest in risky assets and allow them to engage in risky non-established activities such as private credit or derivative trade. “Warren had a net message for his colleagues member of his party, many of whom were ready to support the bill, that they” should show a small spine “and insist that the Republicans allow some of the modifications pushed earlier by the Democrats.
When the Stable Bill is sent to the House, this leaves a key decision there for managers, whether to associate the law on engineering with the effort of the market structure, or pursue it either as a direct vote on the version of the Senate, or a more complex process of fusion of the Senate language with legislation already in the work of the Chamber. Whatever happens, the Chamber will have to match the Senate approval at some point before a stable bill to be able to move to the president’s office to be promulgated.
While the Genius Act progressed, he followed a success day for the supporters of the Clarity Act in the Chamber, where this bill authorized the Chamber’s Financial Services Committee and the AG Chamber Committee with major bipartite votes on the same day on Tuesday.
Crypto lobbyists in Washington support alongside their legislative allies that the two bills are necessary to properly regulate industry in the United States
