In case of being approved, the law will pass to the House of Representatives to continue its debate.
President Donald Trump expects the regulation to be on his desk before August.
The United States Senate prepares for a decision that could mark a before and after in the future of Stablecoins in the country. This is the final vote on the Genius bill, which will be held on Tuesday, June 17.
The project seeks to establish clear standards for the operation of the Stablcoins, and It requires that these currencies are fully backed by US dollars or similar liquid assets.
Likewise, the initiative includes compulsory annual audits for entities whose capitalization exceeds 50 billion dollars, and establishes regulations for foreign issuing operations.
As Cryptonotics reported, the road to this vote began last Wednesday, when the Senate approved a procedure motion that allowed progress with the proposal. The date of the next debate was formally announced on Thursday in the website of the Senate Democratic Block.
If the genius law gets green light on the day on Tuesday, It will be evaluated by the House of Representatives. There it will be necessary to be approved to be sent to the desk of President Donald Trump, who hopes to have a ready project before August.
For his part, Treasury Secretary, Scott Besent, pointed out This week that a clear regulation could significantly boost Stablcoins market growth in dollars, estimating that its value could exceed 2 billion dollars by 2028.
BO HIES, leader of the Presidential Council of Advisors on Digital Assets, recently said that the Genius law will have a deep impact on the US economy, strengthening the position of the dollar, improving payment infrastructure and transforming the national financial landscape.
In parallel, The House of Representatives advances in its own regulatory approach with another project: The Stable Law, which in April was approved For your commission debate.
Both initiatives differ in key aspects, such as the role of state regulators against the federals and the treatment of international issuing as Tether. Therefore, if the Genius law achieves the approval of the Senate on Tuesday, it will be necessary to reach an agreement between the two cameras to advance with the final legislation.
