According to the reports, Tech Titan Meta (Meta) has been investigating the possibility of a return to the Stablecoin market after having stimulated a regulatory reaction of the United States of their efforts in past years, and American senator Elizabeth Warren told Coinridesk that the pending legislation to govern the stable clouds must insist that this is not possible.
A high -risk cryptographic law project to establish rules from the United States for Stablecoins such as the USDT of Tether and the Circle USDC was practically sailing through the Senate until the Democrats, including some who had supported the effort in the committee, occurred in recent days and stopped the progress of the bill on the floor of the Senate this week. The National Innovation Law of National Innovation for the United States (genius) must change to prevent large corporations from emitting their own money, Warren said.
“The Senate must fix the genius law to prohibit large technological companies and other commercial giants to possess or join Stablecoin’s companies,” said Massachusetts Democrat in a statement to Coindesk. “No senator should vote to facilitate great technology in our financial transactions or drown small companies and political adversaries of the payment system.”
Six years ago, Meta sought to launch its own Stablecoin crypto, Libra (later called Diem), and almost reached the finish line before a fuss of certain regulators and legislators derailed the project. She argued that Meta Mark Zuckerberg, whose company gave $ 1 million to the opening background of President Donald Trump, is trying to return to the business, and asked Zuckerberg “to explain to Congress if this is another attempt to control the money of the US people.”
The Meta spokesman did not immediately respond to a request for comments on Warren’s opinions.
Genius law has now returned to negotiations, and some legislators continued with the hope of being able to reappear on the Senate floor as soon as next week. There is also a version of the House of Representatives that makes its way through the process in that Chamber of Congress.
Binance and the Treasury
Warren, the main Democrat of the Senate Banking Committee, has been occupied with its crypto-selector scrutiny, also joined colleagues on Friday to question the Secretary of the Treasury, Scott Besent and the Attorney General Pam Bondi, about his interactions with Binance, since according to reports he sought to soften the legal demands of the United States, the exchange still labor 2023.
Five Democratic senators, who also include Richard Blumenthal, Chris Van Hollen, Mazie Horono and Sheldon Whitehouse, sent a letter to officials about the discussions of the exchange with the United States government as Binance increases commercial ties with World Liberty Financial, the cryptographic company linked to President Donald Trump and his family.
“As The Administration Loos Oversight on An industry where bad actors have violated money laundering and sanctions law, it is not surprising that binance, which you have admitted to prioritizing its Own growth and profits over compliance with us law, woid Seek to roll back the Oversight required by Settlement, “They Wrote in the Letter, Noting Binance’s Constraints Based on ITS Past Guilty pleas to a list of charges including money laundering and sanctions violations, For Which The company is still under the observation of independent monitors.
“Our concerns about Binance’s compliance obligations are even more pressing given recent reports that the company is using the Trump family stablecoin to associate with foreign investment companies,” said senators.
Binance spokesmen did not immediately respond to a request for comments.
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Nikhilesh contributed reports.
