The Senate today voted in favor of calling for the closure of the National Innovation Guide and Establishment Act for stablecoins in the United States (according to the English acronym).
The closure, which received 68 votes and 30 votes for approval, is a procedural measure that paves the way for greater debate. So, The project is being prepared for the final vote in the Senate.
If approved in the Senate final vote, the project will be passed to the House, as reported by Cryptootics. And to overcome his treatment, he will be sent to President Donald Trump to allow his entry to come into effect.
According to a Senate assistant in the media, The final vote for the project is estimated to be Mondayunless Republican and Democrat leaders reach a temporary agreement to shorten debate and verdicts.
The hope that new advancements will continue the legislative measures necessary to ensure that the project reaches the president wants to grant him his approval. Trump confirmed that he hopes that by August the Genius Law is solid.
Genius Bill has established that Stablecoins emitters that follow dollar prices such as Tether (USDT) and USD Coin (USDC) are under regulatory supervision. In this way, they are subject to regular audits of assets.
Additionally, the initiative proposes that stabresin will be supported solely by dollars, treasure letters or other approved assets, with the issuer publishing monthly audited reports to reserves.
This law creates great expectations for ecosystems. Because it gives more legitimacy to stable things and can generally support the adoption of Bitcoin and cryptocurrency.