Washington – The Senate adopted historical legislation to regulate the crypto after a bumpy path through the upper chamber.
The bill, known as Genius Act, would establish a regulatory framework for the market of $ 250 billion for stalins, a Crypto-money type linked to the value of an asset such as the US dollar.
He adopted the Senate during a vote of 68 to 30.
Speaking on the Senate soil before the vote, the republican senator Bill Hagerty du Tennessee, who presented the measure, said that the legislation “inaugurates a new era of payments”.
“The prospect of faster and cheaper payments will have large-scale implications for our financial system,” he said on Tuesday. “Once the law on engineering is the law, companies of all sizes and Americans across the country will be able to settle payments almost instantly, rather than waiting for days or sometimes even weeks.
He left the senatorial banking committee in March with bipartite support, but bled the democratic support for weeks later when it was revealed that a company supported by Abu Dhabi would use $ 2 billion in Stablecoin bought From the crypto-line company to the Trump family, World Liberty Financial, to invest in Binance.
The concerns about President Trump and his family’s business companies involving a cryptocurrency increased the feeling of urgency for Democrats, who have put pressure on the stronger arrangements against corruption while protecting consumers, the financial system and national security.
In early May, Democrats prevented legislation from progressingleading to weeks of bipartisan negotiations that have led to changes that have convinced enough democrats to Come back And help to propel it by several procedural votes.
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The changes include members of the Congress and executive branches to disclose stablecoin assets of more than $ 5,000, stronger bankruptcy protections for bank depositors and ordered the Treasury to issue formal rules to monitor suspicious transactions.
However, some Democrats say that their concerns have not been discussed, and they complained that they did not have the opportunity to modify the bill. Although the head of majority in the Senate John Thune, a Southern Dakota Republican, initially planned to authorize an open amendment process, he reconsidered after at least one amendment by the republican senator Roger Marshall of Kansas on credit card transaction costs threatened to sink the bill if it is adopted.
Senator Elizabeth Warren from Massachusetts, the best democrat of the senatorial banking committee, was among the best criticism of the bill. She helped Democrat rally To flow the bill during the initial vote, arguing that “this weak bill is worse than not at all”. Before the bill advanced in another procedural vote last week, Warren called on his colleagues without success to “show a small spine and insist on modifications as the price to help advance this bill”.
More than 100 amendments have been offered to Democrats and Republicans on issues ranging from the prohibition of the president, the vice-president and other senior government officials to take advantage of stable companies according to their mandate to prohibit large online platforms from publishing digital assets.
Two Republicans also regularly voted against legislation – Republican Sens. Rand Paul from Kentucky and Josh Hawley from Missouri – although for different reasons. Paul does not see the need for federal industry regulation, while Hawley warned that he is giving up too much to technology giants.
The New York Democratic Senator Kirstin Gillibrand, who worked on the bill, defended the long -standing framework.
“To date, the default of the Congress to act has left digital asset space as a Far West, where American consumers are vulnerable to scams and businesses are desperate for the regulatory clarity they need to compete with foreign countries, foreign entities that make business on our markets.
Gillibrand recognized that Mr. Trump’s involvement in the cryptographic sphere is “extremely useless” but argued that it “does not decrease the excellent work of this legislation”.
