The vote consolidates the bipartisan support to a clear regulatory framework for cryptoactive.
If the House of Representatives gives its approval, the project will be sent to the US President.
In a vote held today, the United States Senate approved the National Innovation Orientation and Establishment Law for Stablecoins (Genius Act). The initiative will now pass to the House of Representatives, where it will be evaluated.
After weeks of negotiations focused on issues related to the proposal, such as consumer protection and national security, The final vote reflection a bipartisan support for the possible consolidation of the project. The decision obtained 68 votes in favor and 30 against, thus achieving an approval of the Senate.
The law, promoted by senators such as Bill Hagerty and Tim Scott, establishes strict requirements for Stablecoins emitters, demanding that such cryptoactives be 100% supported by US dollars or equivalent liquid assets, in addition to undergoing regular audits.
This initiative seeks to position the United States as a global leader in digital financial innovation, in response to regulations already adopted in regions such as the European Union, with its Mica Law.
According to supporters, the Genius law is key to sustaining the global hegemony of the dollar, since by integrating the stablcoins backed by this currency in the international financial system, its position will be reinforced as the main reserve against competitors such as Chinese Yuan or the euro.
With the green light of the Senate, Genius law now advances towards the House of Representativeswhere it will be reviewed, discussed and subjected to a new vote. In this instance, it could even be reconciled with other regulatory proposals regarding Stablecoins, such as the draft stable law.
If the Chamber approves the Genius proposal as it is, it will be sent directly to President Donald Trump for his signature or veto. But, in the event that changes are introduced, a conference committee will be formed to unify the versions of the Senate and the Chamber, which must then approve the final text identically before sending it to the president.
Trump, who has supported the project publicly on multiple occasions, as Cryptonoticias reported, has declared that the genius law is ready for firm before August.
“Genius law facilitates the adoption of cryptocurrencies,” Hagerty said
“With Genius, the United States is one step closer to becoming the world capital of cryptocurrencies,” said Senator creator of the project, Hagerty before the approval of the Senate.
“This bill will consolidate the domain of the US dollar, protect customers, increase the demand for US treasure bonds and ensure that innovation in the digital asset sector is in the hands of the United States, not our adversaries”
Bill Hagerty, Genius’s republican senator.
The legislator stressed that Genius law facilitates the adoption of cryptocurrencies by traditional finances and marks the beginning of a new generation in payment processing.
“Once the genius law enters into force, corporations, small businesses and individuals may liquidate payments almost instantly, instead of waiting for days or weeks and accumulate the corresponding commissions,” he explained. He summarized in this regard that Stablecoins are a revolutionary advance that can modernize the payment system.
Hagerty added that, according to projections, with the approval of Genius, Stablecoins emitters could become the largest US Treasury Bondholders of the World by 2030. “A result of this type would underpin our fiscal resilience and consolidate the status of the US dollar as a world reserve currency,” he emphasized.
“Today was a great victory for the United States,” concluded the Defensor de Genius congressman.
So much Paolo Ardoinofounder of the Tether issuing company (USDT), the stablecoin with the greatest market capitalization, such as Jeremy AllaireCircle co -founder, the company that issues USD Coin (USDC), the stable currency that follows in capitalization, applauded the Senate’s decision.
“History is being made as the United States Senate approves the Genius law, approaching one more step to the promulgation of innovative legislation that will promote the economic and national competitiveness of the United States during the next decades,” said Allaire.
