The Senate approved on Tuesday a big cryptocurrency bill during a vote of 68-30, 18 democrats joining most of the GOP senators to give a victory to a digital asset sector which has long wanted legitimacy through federal regulations.
The bill, known as the “Genius Act”, would establish consumer protections and impose railings in Stablecoins, a digital asset which is set to the US dollar. Stablecoins are designed to be less volatile than Bitcoin, a token that sang wildly in price. Now the bill goes to the House, where legislators should leave their footprint and modify it.
“With this bill, the United States is getting closer to being a world leader in the crypto,” said Republican senator Bill Hagerty du Tennessee, a sponsor of the bill, on the Senate soil.
Cryptographic industry has also applauded development. “By advancing the bipartite legislation of the stablescoin, the Senate has taken an essential step towards the supply of the legal and regulatory clarity necessary to promote responsible innovation and protect consumers,” said Summer Mersinger, CEO of the Blockchain Association in a press release. She described this as “victory” for American developers and entrepreneurs.
Sense. Josh Hawley of Missouri and Rand Paul de Kentucky were the only two Senators of the GOP to oppose the measure. Most of the Democrats aligned themselves against the measure, because they argued that he had not done enough to establish limits to the ability of the Trump family to take advantage of their cryptocurrency companies.
“Adopt the law on engineering without strong anti-corruption measures, hold a seal of approval of the congress on the president Trump selling access to the government for a personal profit,” said senator Jeff Merkley, Oregon Democrat, in a statement following the adoption of the bill.
President Donald Trump pointed out that he wanted the adoption of major cryptocurrency legislation before the convention of the congress for his regular summer recess in August. But this calendar is already filled with consideration of its megabill bearing most of its tax program, the application of borders and defense expenses.
