The overwhelming bipartisan approval of the Stablecoin bill of the United States Senate, with a final vote of 68-30 that saw a large wave of Democrats to join their republican counterparts on Tuesday, establishes a new brand of high brand of cryptographic policies in the United States as the legislation now addressed to the House of Representatives.
The main democratic support for the National Innovation Law for National Innovation for the United States of 2025 (genius) helps give impulse as it lands in the other Chamber, where the legislators of the House of Representatives can vote as written or pursue changes that will require a final round in the Senate before you can go to the desk of President Donald Trump.
As written, the law project would establish railings around the approval and supervision of the US stablecoins, dollar -based tokens, such as those backed by Circle, Ripple and Tether. Companies that make available to these digital assets for US users.
Ji Kim, the interim CEO of the Crypto Council for Innovation, described it as a “historical step for the digital asset industry”, in a statement prepared before the vote
“This is a victory for the United States, a victory for innovation and a monumental step towards appropriate regulation for digital assets in the United States,” said Amanda Tuminelli, executive director and legal director of the Defi Education Fund, in a similar statement.
While he has failed to convince some of the most vocal democratic critics, such as Senator Elizabeth Warren, who says that allows lagoons for foreign tokens like Tether’s
It does not treat the conflicts presented by the personal participation of the cryptography of President Trump and clears a path for technology giants such as Amazon to issue their own currencies, the sponsors of the bill in their party have essentially argued that doing nothing is not an option.
“With this bill, the United States is one step closer to becoming the world leader in cryptography,” said Senator Bill Hagerty, Tennessee’s Republican who sponsored the bill, while the Senate prepared to vote on Tuesday. “The value of Stablecoins will be linked to the US dollar and backed one by one by cash and short -term treasure bonds.
While this is the first significant cryptographic bill in clearing the Senate, it is also the first time that a Stablecoin bill approved any of the cameras, despite the years of negotiation in the Financial Services Committee of the House of Representatives that managed to produce another important cryptographic legislation in the previous session of the Congress.
The destination of the Genius Law is also closely linked to the Digital Assets Market Law of the House of Representatives, a broader cryptographic bill that would establish the legal basis of the largest cryptographic markets of the US of the US connected and need to become a law together. Until now, the clarity law has been clear by the committees of the House of Representatives and expects the action of the floor.
The lobbyists of the cryptography industry now resort to the house on both themes. A new report on Tuesday Labs says that Stablecoins represent more than 60% of current cryptographic transactions, and more than 90% of these currencies are linked to the US dollar, dominated by USDC and USDT.
“Although TRM estimates that 99% of Stablecoin’s activity is lawful, their speed, scale and liquidity have made them attractive to illicit uses, including ransomware, fraud and terrorist financing payments,” said the analytical organization.
Illicit Finance represents one of the main complaints of critics in Congress.
Read more: Can Tether’s domain survive the Stablecoin bill of the United States?
