The United States Senate can soon vote on the legislation that would establish the regulations of the United States for Stablecoins issuers, also marking the first time the Chamber has considered a large project of cryptographic law.
The leader of the majority of the Senate, John Thune, a republican of Dakota del Sur, began the ball that accelerated the National Innovation Law for National Innovation for the United States (Genius), which is the version of the Senate of two similar bills that surround both chambers of Congress. The House of Representatives is expected to follow their own vote. Thune’s movement to accelerate the bill is intended to limit the delays and action of the floor to do it more quickly. It is not clear so far precisely when the Senate’s vote will occur, but an earlier vote on the effort in the Senate Banking Committee had approved it with a large bipartisan majority of 18-6. The Chamber Financial Services Committee also advanced its similar bill in April.
“I hope to approve the Genius law in the short term to maintain the innovation of digital assets in the United States, protect customers and make sure that foreign companies play with the same rules,” said Senator Bill Hagerty, the Republican of Tennessee who created the bill, in a statement. He is also backed by Senator Tim Scott, president of the Senate Banking Committee.
Crypto Sherpa of President Donald Trump, BO HIES, Executive Director of the Presidential Council of Digital Assets Advisors, told Coindesk earlier this week that the two bills are up to 90% similar and that the members of both Chambers seek to resolve the differences.
Hagerty said he would present an updated version of the bill on an early Thursday.
