During the night of June 11, the United States Senate voted for a large majority to close the debates on the Genius Act, the first federal text entirely devoted to stablecoins. Behind this without appeal vote of 68 votes against 30, the file is advancing at high speed, but the political battle is not over.
Key legislation adopted by the Senate to supervise stablecoins
This Wednesday, June 11, the senators have Adopted the closing procedure for the Genius Act (Guiding and Establishing National Innovation for Us Stablecoins ACT), With 68 votes to 30, a bill aimed at regulating stablecoins, these cryptocurrencies backed by stable assets like the dollar.
This vote marks the activation of the “fence” procedure, which allows put an end to the debates and to open the way to the final voteexpected next Monday, unless agreed between the leaders of the parties to move it forward. The text is supported in particular by Tim Scott, republican president of the Senate banking committee:
Let's be clear, it happened because we took the lead. To those who doubted bipartisme in Washington, let us prove to them the opposite.
🪙 Discover everything on the stablecoins, which limit the volatility of cryptocurrencies
The text imposes A backrest up to 100 % in dollars or liquid active Equivalents for all stablecoins and annual audits for issuers whose capitalization exceeds $ 50 billion. He also adds antiM-whitening safeguards and restricts the possibility for non-financial companies to launch their own token.
Despite this enthusiasm, The text encountered an opposition Within the Democratic Party. Among the votes against, we find Chuck Schumer, chief of the Democrat minority, as well as Elizabeth Warren and Amy Klobuchar.
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A political dynamic influenced by Donald Trump
This text was strongly supported by the American president, who calls himself Pro-Crypto himself. Thus, the White House officially announced that if the Genius Act was presented to him “In its current version”,, Donald Trump would be ready to sign it directly.
The Genius Act is only the first piece of a wider legislative puzzle. The House of Representatives is working on its own text, the stablecoin transparency and accountability for a Better Ledger Economy Act, adopted in committee by 32 votes against 17 in May. The two chambers will have to harmonize their positions to merge the texts, with friction points concerning in particular the regulation of foreign actors like Tether.
🗞️ TETHER will he launch a new stablecoin against the American ACT?
Meanwhile, the issues around Stablecoins are constantly growing: The global offer of Stablecoins already weighs $ 247 billionor almost 10 % of the fiduciary currency in circulation in the United States ($ 2,400 billion).
This growth also attracts the White House. Donald Trump advisers have announced that they would recommend the promulgation of the Genius Act, and the company World Liberty Financial, linked to the president, has just launched USD1, a stablecoin indexed on the dollar.
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Source: The Block
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After training in journalism, I worked for a few years in general press before discovering the world of personal finance and the scholarship. Fallen into cryptos since 2020, I am particularly interested in the decryption of news that influence the Cryptos markets. My goal? Always teach my readers more by providing the most precise and the most just possible information.
Justine Ferrari
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