The Senate approved the law of guide and establishment of the national innovation of the Stablescoins Act (engineering) during a vote of 51-23 on June 17, sending the measure to the Chamber for examination.
The vote followed a 68-30 Cloture decision on June 11 This cut the debate and started the compulsory count of 30 hours at the final call.
Senator Bill Hagerty (R-Tenn.), The main sponsor of the bill, described the vote as a “big victory for the United States”.
In a shared press release on social networks, he said that Genius “established the very first pro-growth regulatory framework for payment stables”.
He also added:
“(The bill) will cement the domination of American dollars, protect customers, increase the demand for American treasury bills and ensure that innovation in digital asset space is in the hands of the United States, not our opponents.”
Hagerty noted that the punch of stablescoins one for one in cash or short -term cash combines the stability of the dollar with blockchain speed, allowing an almost instantaneous regulation for businesses and individuals and “inaugurate a new generation of payments processing”.
He also planned that stable issuers could become the world’s largest holders of treasury vouchers by 2030, strengthening budgetary resilience.
The Act on Engineering requires that each stable of payment has reservations equal to the number of tokens in circulation, limited to US Treasury Bonks or insured deposits and reward transmitters.
The reserves must be in the separate accounts of operating capital, and issuers must maintain the compliance programs of the banking secrecy law, make reasonable diligence checks of customers and report a suspicious activity.
Entities with more than $ 10 billion in liabilities would need a federal charter; Small transmitters could operate under state plans which meet federal standards, subject to exams jointly by federal regulators.
In addition, the Treasury Department will be mandated to publish quarterly audit models, and the Commodity Futures Trading Commission (CFTC) will receive limited application powers on the cash market.
The Treasury Secretary, Scott Bessent, argued that the reserve mandate could attract private demand to cash bills, reduce loan costs and introduce millions of users worldwide, digital asset rails in dollars.
With the adoption of the secure Senate, the act of genius is now awaiting planning in the House.
