US Senate adopted Genius Act: StableCoin law with 68:30 votes accepted
The Genius Act (Guiding and Establishing National Innovation for Us StableCoins) is further advanced in the United States after the US Senate has now passed a changed version of the law.
With 68 to 30 votes, the U.S. Senate majority has the genius law on Tuesday adoptedabout six weeks after the Senator from Tennessee, Bill Hagerty, had brought the bill. The counterpart to the Genius Act, namely the Stable Act, may be treated next in the House of Representatives, where there could be further proposed changes.
“With this draft law, the United States are one step closer to becoming a leader in the area of ​​cryptocurrencies worldwide,” Hagert said before the vote on Tuesday in the Senate and added: “As soon as the genius law has entered, companies will be able to pay payments almost immediately instead of days or sometimes even weeks.”
The genius law failed In May, a secret vote in the Senate in response to the resistance of the Democrats against the connections of US President Donald Trump to the cryptocurrency industry. The Trump family keeps a considerable participation in World Liberty Financial, which in March its own stable coin called USD1 published.
It is unclear whether the StableCoin Act will find enough support in the House of Representatives, where the Republicans also have a narrow majority towards the Democrats. Trump's Ki and Krypto-Zar, David Sacks, indicated in Maythat the president would support the law adopted.
If payment tablecoins are recognized in a US regulation framework, the company could open up the opportunity to spend their own tokens. Apple, Google, the social media platform X and Airbnb should be in the course of the debate about the genius law With the matter have dealt. Two US senators Throw the questionwhether Meta could have the same plans if the law is passed.
“The latest reports assume that stable coins could grow into a market with a volume of 3.7 trillion US dollars by the end of the decade”, ” said Finance Minister Scott Bessent on Tuesday in an X-Post. “This scenario becomes more likely with the adoption of the Genius Act.”
MPs talk about market structure
While StableCoin legislation is getting closer, the legislators in the House of Representatives are still waiting for a vote on the Clarity Act, which is intended to determine clear market structure rules for digital assets.
Versions of the draft law passed the Agricultural Committee of the House of Representatives and the Financial Service Committee of the House of Representatives last week and are expected to vote in the plenum soon brought. However, there are similar resistance from some Democrats because of the President's crypto connections.
“With the adoption of these draft laws, legislators have wasted their chance of fighting Trump's crypto fraud- the greatest and most blatant corruption in the history of the president,” said Bartlett Naylor, a financial policy lawyer of the Consumer Protection Organization Public Citizen, in a statement on the genius and Clarity laws. “These draft laws serve to legitimize a massive fraud with the American flag.”
