In the corridors of the Capitol, where the partisan division is usually the norm, a crucial bill for the future of the Bitcoin ecosystem (BTC) finally achieved what for many years was considered unlikely: a consensus, which generates enthusiasm in the industry.
On the night of Monday, May 19, the Project of the Orientation and Establishment of National Innovation for the United States Stable (Genius, according to its acronym in English) exceeded a motion of procedure in the Senate to be treated, with a support of 66 votes in favor of 32 against.
This advance, after months of uncertainty and debates, is seen by many in the industry as a key step for stablecoins, and as a light of hope – a true “lighthouse” – that I could illuminate the way for the adoption and consolidation of Bitcoin and other digital assets as an important and integral part in the financial system of the world’s main economy.
The voting process held last night, marks, in fact, the first time that a legislative proposal on cryptocurrencies manages to overcome the intricate procedural labyrinths of the Senate. The feat is remarkable, especially if it is considered that, as Cryptonotics reported at the time, the bill had previously blocked. This since Democratic legislators were concerned with the alleged lack of robust measures to prevent corruption and, more controversially, in possible interest connections of President Donald Trump with the digital asset sector, thus slowing the progress of the regulations.
In its essence, the Genius law aspires to be a kind of master key to unlock regulatory clarity, an element desired for years by the US sector of digital assets, especially after the so -called Bag and Values Commission War (SEC) against the cryptocurrency industry.
The approval of a regulation for the stablecoins, such as the genius law, could establish A transformative precedent by demonstrating that it is possible to legislate digital assets more precisely. This normative clarity would not only reduce the uncertainty that has slowed the mass adoption of Bitcoin and cryptocurrencies, but also promoting the confidence of institutional and retail investors.
By integrating the ecosystem of digital assets with traditional finances, new opportunities would be opened for more companies to innovate on the ecosystem, develop solutions or incorporate bitcoin into financial services, from payments to investments, thus strengthening their legitimacy and global scope.
Despite the progress, consensus is not absolute. While Senator Mark Warner, after the revisions, expressed his support highlighting the “transformative potential” of cryptocurrencies, Senator Elizabeth Warren held Your alert flag. Its opposition, argued and persistent, remains focused on the alleged connections between the digital assets that the Trump family trades and the risks of the legislation being lax, which continues to inject a dose of controversy into the process.
“Digital assets are the future and now we are one step closer to ensuring that the United States leads the way.”
Senator Cynthia Lummis.
Genius Law: Key for the future of the cryptocurrency industry?
The approval of this motion is already resonating in the community as a promise of hottest waters, at least on the political front. In fact, several analysts in the sector consider that the genius law could be erected as the compass that guides future regulations, consolidating the United States as a leader in the regulation of this sector in rapid evolution.
With this new impulse, the Genius law now enters the thorough scrutiny of more detailed debates before facing the final vote in the Plenary of the Senate. Meanwhile the community and industry expect the next steps, which could redefine the regulatory panorama of digital assets in the countryand with that, the future of Bitcoin in the largest market in the world.
However, we must also bear in mind that the Genius bill is seen by its proponents as an engine to radically modernize the US payment system.
The vision that exists was plasma by Senator Bill Hagerty who spoke of boosting the United States towards a future with digital payments operating through the fastest and most efficient ways. Argues that this framework not only will guarantee the global domain of the US dollar in the digital erabut will also provide robust protection to customers.
The most optimistic even project a massive increase in the demand for American treasure bonds, surpassing the billion dollars, such as Hagerty himself, while innovation in the digital asset sector blooms under a clear regulatory umbrella, ensuring that the United States will lead this transformation in the coming decades.
