Under the encouragement of President Trump for the Crypto sector, the Banking Committee of the US Senate has successfully put forward a bill that regulates Stablecoins. This is an important step to allow the legislation to reach President Trump’s office for his signature. The bill has released the committee with a vote of 18-6 and benefited from the support of five Senate Democrats who joined the Republicans in promoting the proposal.
Stablecoin Regulation Bill goes to Trump
The Bank Committee of the US Senate has continued with the Stablecoin regulations of the cryptocurrency industry, which marks a critical step towards presidential approval. After obtaining its inaugural committee approval, the bill aimed at regulating the US Stablecoin is federally ready for a senate voice, with a similar bill in anticipation of the House of Representatives.
Despite various obstacles in front of the bow, such as coordinating differences between the Senate and the house versions, the committee successfully adopted the bill with a vote of 18-6.
Among the Democrats who support the adaptation of the Genius Act, Bill co-sponsor Angela Alsobroooks and members of the Senate Bank Committee Mark Warner, Andy Kim, Lisa Blunt Rochester and Ruben Gallego. Bill Hagerty, the sponsor of the bill, expressed his goal to bring the bill to a complete vote of the Senate at the end of April.
Read also: Just in: Senator Hagerty introduces Genius Act to regulate Stablecoins
During the meeting of the Senate Bank Committee on Thursday, Senator Elizabeth Warren, a well -known skeptic of Cryptocurrency, proposed various changes to the Genius Act. This legislation is intended to set up a legal framework with which not -Bank Stablecoin can operate in the US economy.
Senator Elizabeth Warren suggests changes to the Genius Act that Stablecoin -Emitents would put blacklist if their tokens were used for illegal activities, such as transactions with state enemies, drug trafficking or buying child pornography.
She also suggested expanding the rules of the law with crypto exchanges and other entities that have to do with stablecoins. However, its proposed changes were rejected by festive lines.
Republican majority gives priority to the legislation on the stablecoin
Towards the end of the hearing, Elizabeth expressed strong concerns about promoting the bill, with the attention of the many shortcomings and the timing of his progression in the midst of reports that Donald Trump tried to launch his own Stablecoin with a company known for legal violations. She referred to news that Trump-Associed World Liberty Financial negotiated with the Crypto Exchange Binance.
Warren criticized the decision to penetrate the bill, while Trump is said to make deals with what she called a criminal Stablecoin platform, warning that it was a mistake that probably regretted.
Hagerty said: “It presents common sense rules that protect consumers, promote competition and promote innovation. It is time for us to offer clarity and stability that our country and its innovators need so much. “
This year the crypto industry collects two -part support in the congress for its policy. A remarkable two -fold success included the destruction of an IRS rule that was opposed by the sector. After the 2024 elections gave republicans control over both rooms, the stabilecoin legislation has become an important priority under the leadership of Scott.
