The Senate banking committee has adopted the genius law with dual support on a vote of 18-6, which means that the bill for the entire Senate can be considered.
Senator Bill Hagerty wrote the bill that the support of all Republican members of the committee and democratic senators Mark Warner, Andy Kim, Lisa Blunt Rochester, Ruben Gallego and Angela Alsobrooks received.
Haagerty expressed His satisfaction with the two -part support of the bill, and emphasized its importance in promoting financial innovation and maintaining the leadership of the US in digital assets.
He added:
“This legislation is a crucial first step in setting up a safe and pro-growth regulatory framework that unleashes innovation and promotes the president’s mission to make America the world capital of crypto. I look forward to seeing this bill passing the Senate in the near future and was eventually signed by President Trump in the law. ‘
The Genius Act aims to set up an extensive regulatory framework for the issue and supervision of the Stablecoin in the United States. According to the proposed law, Stablecoin-Emenniten 1: 1 reserves must maintain, so that American dollars, insured bank deposits or short-term factors of each issued token are returning.
The bill also creates a double regulatory route, which allows emitting people to choose between federal supervision on the basis of the office of the competent of the currency (OCC) or supervision of state level, provided that state regulations meet the federal standards.
Senator Tim Scott, chairman of the committee, also emphasized the importance of the clarity of the regulations and stated that certain industries and American consumers have been in the dark for far too long.
Scott added:
“This uncertainty also oppressed innovation in America at home here. This is changing today with the Genius Act, which is a dual step forward to ensure that Stablecoins are safe and reliable tools in the financial system. “
The committee chairman also said that the bill takes action to “terminate the armament of financial supervisors.”
This statement may relate to the content of the bill, which explicitly classifies Stablecoins as non-security. This places them outside the jurisdiction of the Securities and Exchange Commission (SEC), known for its earlier “Regulation by enforcement” approach.
Positive reactions
Senator Cynthia Lummis, a vocal advocate for Crypto Regulation and member of the committee, noted that the passage of the bill from the committee reinforces the regulatory framework for Stablecoin expenditure.
She added that the bill gives the US a ‘competitive advantage in the rapidly evolving digital assets space’.
Circle CEO Jeremy Allaire called Today, the committee votes a ‘massive move in Washington’, which emphasizes the two -part nature of the decision. He also noted that it is a “huge step to upgrade and to make the dollar more competitive.”
Coinbase Chief Policy Officer Faryar Shirzad praised The progress of the bill and thanked the senators who supported it.
Blockchain Association CEO Kristin Smith welcomed The decision, which states that the approval of genius law is a smart step in the right direction for American innovation and economic leadership.
The bill is now moving to the entire Senate for a vote. If established, the legislation would offer long-awaited clarity for Stablecoin emission and users, which strengthens the role of the US as a leader in Digital Currency Regulation.
