The Senate approved a large cryptocurrency bill Tuesday by 68 to 30, with 18 Democrats joining the majority of Republican senators, handing the victory to the digital asset department, which has long been eager to pass federal regulations legality.
The bill, known as the “Genius Act,” would establish consumer protection and impose guardrails on Stablecoins, a digital asset that is pegged to the dollar. Stable stability is less volatile than Bitcoin, and the price of Bitcoin is swinging wildly. Now, the bill goes to the House of Representatives, where lawmakers are expected to leave their mark and modify it.
“With this bill, the United States is close to becoming a global leader in cryptocurrencies,” Senator Bill Hagerty, a Republican of Tennessee, said on the Senate floor.
The crypto industry is also cheering for development. “By promoting bipartisan legislation, the Senate has taken a crucial step to provide the legal and regulatory clarity needed to promote responsible innovation and protect consumers,” Summer Mersinger, CEO of the Blockchain Association, said in a statement, calling it a “win” for U.S. developers and entrepreneurs.
Josh Hawley of Missouri and Rand Paul of Kentucky were the only Republican senators to oppose the measure. Most Democrats violated the measure because they think it’s not enough Establish restrictions About the Trump family’s ability to profit from their cryptocurrencies.
In a statement after the bill passed, Sen. Jeff Merkley, Democrat of Oregon, said in a statement after the bill passed: “The Genius Act is passed, there are no strong anti-corruption measures. Sen. Jeff Merkley, Democrat of Oregon, said: “In a statement after the bill passed, Sen. Jeff Merkley, Democrat of Oregon, said.
President Donald Trump said he hopes to pass major cryptocurrency legislation before Congress recession due to its August summer recession. However, the timeline has been taken into account the agenda for most of his taxes, border enforcement and defense spending.
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