The US Senate is preparing for a decision that can mark the future before and after the stable rocks of the country. This is the final vote for the Genius Bill, which will be held on Tuesday, June 17th.
The project is trying to establish clear standards for the operation of stubcoin. These currencies must be fully supported by US dollars or similar liquid assets.
Similarly, the initiative will include mandatory annual audits of entities with capital of over $50 billion, establishing regulations for foreign issuance operations.
As reported by Cryptonotics, the path to voting began last Wednesday, when the Senate approved a motion for a process that would allow the proposal to progress. The date for the next discussion was officially announced on the Senate Democratic Bloc website Thursday.
If the Genius Law gets the green light on Tuesday, It will be evaluated by the House of Representatives. There, they need to approve it to be sent to President Donald Trump’s desk, hoping to have a ready-made project by August.
On his part, Treasury Secretary Scott Beschent said this week that clear regulations could significantly increase the stubcoin market’s growth in the dollar, estimated that its value could exceed $2 billion by 2028.
Bo Hies, the leader of the Presidential Advisory Council on Digital Assets, recently said that the Genius Act has had a profound impact on the US economy, strengthening the dollar’s position, improving payment infrastructure and changing the country’s financial environment.
in parallel, The House of Representatives is taking its own regulatory approach on another project: A stable law approved in April for committee discussion.
Both initiatives differ in important aspects, such as the role of national regulators in the federal government and the treatment of international issuance as tethers. Therefore, if the Genius Act achieves Senate approval on Tuesday, an agreement must be reached between the two cameras to advance in the final legislation.