In the Capitol Corridor, where the partisan sector is usually the norm, the Important Bill for the Future of the Bitcoin Ecosystem (BTC) (BTC) has finally achieved what has been considered unthinkable for years.
On Monday night, May 19, the US’s stable national innovation orientation and establishment project (according to the English acronym) surpassed the Senate process motion with 66 votes for 32.
This advancement is a key step for many people in the industry after months of uncertainty and debate, and a light of hope – a true “lighthouse” – We were able to light the path to adoption and integration of Bitcoin and other digital assets As an important and integral part of the financial system of the world’s major economies.
The voting process held last night was actually that legislative proposals on cryptocurrency managed to overcome the Senate’s complex procedural maze. This feat is surprising, especially when the bill is believed to have been previously blocked, as reported by Cryptonotics at the time. This is what Democrats are concerned about the lack of robust measures to prevent corruption, and more controversial, with potential interest relationships between President Donald Trump and the digital assets sector, leading to slower progress in regulations.
Essentially, Genius Law aims to become a kind of master key to unlocking the clarity of regulations, a long-awaited element of the US sector of digital assets, particularly after the So-called Bag and Value Committee War (SEC) against the cryptocurrency industry.
Approval of regulations such as the Genius Law can be established. Transformational precedents by demonstrating that digital assets can be more accurately legislated. This normative clarity not only reduces the uncertainty that delayed the massive adoption of Bitcoin and cryptocurrency, but also promotes the trust of institutional and retail investors.
Integrating the digital asset ecosystem with traditional finances opens up new opportunities for more companies to innovate in their ecosystems, develop solutions, incorporate Bitcoin into financial services, and even incorporate investment into financial services, enhancing legitimacy and global coverage.
Despite progress, the consensus is not absolute. After the revision, Sen. Mark Warner expressed his support for highlighting the “transforming potential” of cryptocurrency, but Sen. Elizabeth Warren maintained her vigilance flag. The alleged and persistent opposition focuses on the alleged relationship between the digital assets Trump’s families trade and the loose risk of the law, which continues to inject controversial doses into the process.
“Digital assets are the future and are now one step closer to ensuring that the US is leading the way.”
Senator Cynthia Ramis.
Genius Law: Key to the future of the cryptocurrency industry?
The approval of the allegation has already resonated in the community as a promise of the hottest waters, at least politically. In fact, some analysts in the sector believe that Genius Law will be established as a compass leading future regulations, allowing the United States to be integrated in rapid evolution as a leader in regulatory control in this sector.
This new impulse places the Genius Law in a thorough scrutiny of more detailed discussion before facing a final vote across the Senate. Meanwhile, the community and industry are looking forward to the next step. Redefine the regulatory panorama of domestic digital assetsand along with that, the future of Bitcoin in the world’s largest market.
However, it should be kept in mind that the Genius Bill is seen as an engine for fundamentally modernizing the US payment system.
The vision that existed was embodied by Senator Bill Hagerty. Bill Hagerty spoke about boosting the US into the future with digital payments through the fastest and most efficient methods imaginable. It claims it’s not just this framework. Guaranteed the global domain of US dollars in the digital agebut also provides robust protection to customers.
The most optimistic is even predicting a significant increase in demand for US treasure bonds above $1 billion (USD), such as Hagerty himself, but innovation in the digital asset sector will blossom under the umbrella of clear regulations, ensuring the US will lead this change in the coming decades.
What do you say about the Genius Bill?
Genius Bill has established that dollar emitter stubcoins with assets of more than US$100 million are under Federal Reserve supervision, similar to Tether (USDT) and USD Coin (USDC), but the smallest issues follow state regulations.
On top of that, Stubcoins must be supported only by dollars, treasure letters, or other approved assetsand publishing monthly audit reports regarding issuance issues. False statements in these reports have criminal sanctions.
The proposal focuses only on the silly stuff that is pinned in the US dollar, but can generally support the adoption of Bitcoin and cryptocurrency. This is because they are trying to strengthen the infrastructure that maintains market liquidity and operationality.