In today’s vote, the US Senate approved the National Innovation Orientation and the Stabcoin Establishment Act (Genius Act). This initiative will be passed to the House of Representatives, where it will be evaluated.
After weeks of negotiations, the company focused on issues related to the proposal, such as consumer protection and national security. The final vote reflects bipartisan support for the potential for project integration. The decision received 68 votes, 30 votes and received Senate approval.
Laws promoted by senators such as Bill Hagerty and Tim Scott establish strict requirements for stablecoins emitters, requiring that such cryptoactives be supported 100% by US dollars or equivalent liquid assets, in addition to being subject to regular audits.
The initiative aims to position the US as a global leader in digital financial innovation in response to regulations already adopted in regions such as the European Union.
According to supporters, the genius law is key to maintaining global hegemony in the dollar, as its position is strengthened as a major preparation for competitors such as the Chinese yuan and the euro by integrating this currency-backed stubcoins in the international financial system.
With the green light of the Senate, The Genius Law is currently moving towards the House of Representativesit will be reviewed, discussed and subject to new votes. In this example, you could even settle with other regulatory proposals on stable bills, such as stable bills.
If the Chamber of Commerce approves the genius’ proposal as is, it will be sent directly to President Donald Trump for his signature or veto. However, if the changes are introduced, a conference committee must be established to unify the Senate and Chamber of Commerce versions and approve the final text in the same way before sending it to the President.
As reported by Cryptonoticias, Trump, who has publicly supported the project on multiple occasions, has declared that by August the Genius Act is solidly prepared.
It’s a historic regulation for cryptocurrency and dollars
“Along with the genius, the US is one step closer to becoming the world capital of cryptocurrency,” said Hagerty, the senator of the project, before the Senate was approved.
“The bill consolidates the US dollar territory, protects customers, increases demand for US treasure bonds, and ensures that innovation in the digital asset sector is in the hands of the US, not the enemy.”
Republican Sen. Bill Hagerty of Genius.
The lawmakers emphasized that Genius Law promotes the adoption of cryptocurrency through traditional finances And it marks the beginning of a new generation in payment processing.
“When the Genius Act comes into effect, businesses, small businesses and individuals can close their payments and accumulate corresponding committees almost immediately, rather than waiting days or weeks,” he explained. In this regard, he summed up stubcoin as an innovative advance that can modernize payment systems.
Hagerty, according to predictions, has received the approval of a genius, Stablecoins emitters could become the world’s largest US Treasury bond holder by 2030. “This type of outcome will support our financial resilience and consolidate the state of the US dollar as a global reserve currency,” he emphasized.
“Today was a huge victory for the United States,” concluded the defensive genius House of Representatives.
Adjusting, other ecosystem experts celebrated the Senate’s approval, including Beau Hines, president of the Presidential Council of Digital Asset Advisors, who said “the future of finances is here.”
David Sacks, the emperor of cryptocurrency and White House artificial intelligence, catalogued the genius as “historical laws on stubcoins that provide regulatory clarity, improve consumer protection and expand the US dollar’s domain.”
Paolo Ardoino, co-founder of Tether Issuing Company (USDT), is said to be the largest market capitalization of Jeremy Allaire and Circle Co -Founder, a company that issues a stable currency following size, US dollar coins (USDC). They praised the Senate’s decision..
“As the US Senate approves the Genius Act, history is making and we are approaching another step towards the promulgation of innovative laws that will promote the economic and national competitiveness of the United States over the next few decades,” Alele said.
On his part, Aldoino shared Treasury Secretary Scott Nore, and along with the law, thought these cryptographs were likely to accumulate $1 billion by the end of the decade.