The law of guide and establishment of national innovation of the Stablescoins Act, known as Genius Act, is now faced with a key vote in the American Congress, and the challenges of the cryptocurrency industry are high.
If the American Senate, the High Congress House of the country’s congress, adopts the law on genius on Tuesday, it would make the country closer to the stablecoins, marking a great victory for cryptographic industry and for the Trump administration, which supports the legislation. The next stop of the bill is the House of Representatives, where it will undergo a more in -depth examination of the legislators.
The Senate voted 68-30 to advance the bill on June 11, opening the law on engineering to amendments before a final vote. Several Democrats have joined the majority of Republicans to win the bell.
At the head of the vote, the voices of the industry expressed a prospect full of hope. The Chief Legal Director of Coinbase Paul Grewal sound A positive note on X before the vote, highlighting its potential for regulatory clarity. However, not everyone is on board.
Critics argue that the engineering law has no adequate guarantees, in particular around the potential of self-scene by entities authorized to issue stablecoins. Senator Elizabeth Warren was among the most vocal opponents, warning that the bill could “actively facilitate” improper use of Trump cryptographic companies.
Among the main changes proposed to legislation, there is a provision aimed at preventing elected officials and their families from issuing stalls, a decision intended to respond to some of the concerns concerning conflicts of interest.
If it is adopted, the engineering law could considerably reshape the landscape for the regulation of American cryptography. Industry stakeholders have told Cintelegraph that legislation could help consolidate the role of the dollar in the digital economy and set the foundations for a more structured global financial framework.
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A bridge between tradfi and the blockchain
The Act on Engineering would establish a Stablecoins monitoring system, allowing issuers to register with the United States government. In addition, transmitters should have 1: 1 support for their stabbed, facing regular audits and submitting to anti-flowage regulations.
According to Roshan Robert, CEO of OKX US, the Genius Act is a “strong signal” that the American government adopts a pragmatic approach to the innovation of digital assets. The act creates “a vital bridge for traditional finances to explore payments and the regulations powered by the blockchain”.
“For OKX, clear regulations on key markets like the United States allows us to create a responsible and transparent infrastructure for global users,” said Robert. “The law on engineering not only supports license innovation, but also lays the basics of interoperability between centralized and decentralized systems – a future that we consider inevitable.”
Stablecoins are often considered a key deck between traditional finance and digital assets. These handful tokens, most of which are linked to the US dollar, could allow people around the world to easily send money across borders with less expenses and pay goods with a variety of merchants.
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A “rules book for the next global financial system”
The legislation could also prepare the ground for the regulation of decentralized and programmable money, potentially a blow to the prospects of a digital currency of the Central Bank (CBDC) in the United States.
“The stable bill is just as important,” said Mike Cahill, CEO of Douro Labs. “The main financial institutions already exploring the publication, clear federal railings will legitimize the stabrins as a new program of programmable money – integrated into payments, regulations and even in treasury management.
“If the United States is getting things right, it will not only direct the cryptography market – it will write the rules book for the next global financial system.”
In relation: The act engineering can cement the domination of the US dollar in the digital economy
The act of genius could refute the denollarization
Given that Trump has imposed prices on trading partners, discussions on denollarization, a potential global distance from the dependence of the US dollar as a global reserve currency, have gained ground. Supporters of the bill said that it could strengthen the dollar position, as most stabls are set to the dollar, potentially improving its influence in the digital economy.
According to Defilma, the two largest stables in cryptographic space are fixed to the dollar – USDT of Tether (USDT) and USDC de Circle (USDC). Together, these tokens represent $ 217.5 billion or 86.4% of total market capitalization of $ 251.7 billion.
“The denollarization conversation is missing the greatest point: the stables -coated in dollars are the new financial power of the 21st century,” said Bill Sebell, executive director of the XDC Foundation. If the genius law should pass, now “anyone with a smartphone can contain a compliant digital dollar, a growing scope and relevance for the USD at the exact time of criticism predict its decline.”
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