The president of the United States, Donald Trump, could sign the bill, which establishes a Stablecoin payment framework, in mid -May.
The United States is likely to promulgate the Genius law soon, according to BO HIES, executive director of the Digital Assets Working Group of President Donald Trump.
Genius law describes a regulatory framework for the established payment or digital assets linked to the value of the US dollar.
Entted earlier this year, the Bipartisan bill establishes compliance and collateralization rules for Stablecoin issuers, while allowing the creation and use of assets. In particular, it establishes a federal regulatory framework, but allows the issuing of less than $ 10 billion stablecoins to follow state frameworks.
At the BlockWorks Digital Assets Summit on March 18, Hines saying He believes that the legislation is “imminent” and could reach the president’s desk in two months.
His statement followed a decision of the Senate Banking Committee on March 13, which advanced the genius law to the Senate’s floor with an 18-6 vote in favor.
Hines emphasized that these results are an “extremely bipartisan” result. He believes that democratic legislators see the need for mastery of the United States in the sector and are willing to cooperate with Republican legislators.
Wait for the invoice to promote the domain of the US dollar, improve payment rails and “[alter] The course of financial markets “, thus benefiting the country’s economy.
Despite the broad bipartisan support, Democratic Senator Elizabeth Warren criticized the genius law Before the last vote and urged the changes.
First, he said, the bill does not provide consumer protections and does not prohibit people convicted of financial crimes from having Stablecoin companies.
In addition, it lacks national security protections and would facilitate the evasion of sanctions, drug trafficking and child pornography sales, he argued.
He added that the bill cannot protect financial stability, since it allows Stablecoin emitters to invest in risky assets. That could lead to future bailouts, Warren warned.
Finally, the genius law allows non -banking to emit money, Warren complained, warning that it could allow Elon Musk to issue an X currency, monetize transactions data, censor access to payments and undermine the US dollar.
On each topic, she said: “We need to fix that. I don’t understand why there would be someone, Democrat or Republican, who wouldn’t want to do that.”
Warren emphasized that addressing these issues would not “end stablcoins” or hindered innovation, or solutions would be difficult to implement. It remains to be seen if your concerns will be addressed as the bill progresses.
Discharge of responsibility: The information contained in this document is provided without considering its personal circumstances, therefore, it should not be interpreted as financial advice, investment recommendation or an offer or application for any transaction in cryptocurrencies.
