The Post Genius Act votes on May 19: Will the US finally regulate Stablecoins? First appeared on Coinpedia Fintech News
The US Senate is preparing to vote for the Genius Act (guaranteed electronic USD and security law) on May 19, 2025. The dual account, partly sponsored by Senator Bill Hagerty (R-TN) and Senator Kirsten Gillibrand (D-NY), aims to First of all regulatory framework for payment staboins In the United States.
Hagerty eyes two -part breakthrough
Senator Hagerty remains optimistic despite the rocky journey of the bill. On May 8The brilliant act was short of the 60-voice Required for Cloture –Only 48 senators voted in favorwhile 49 opposite. Concerning Democrats included:
- Weak anti-money laundering practices (AML) Measures
- Lack of supervision Foreign Published Stabilecoins
- Insufficient mechanisms for consumer protection
In response, two -part negotiations have led to important changes. FOX Business Reporter Eleanor Terrett Confirmed on X that includes the revised version:
- Strengthened Customer protectors
- Clearer Bankruptcy protection for Stablecoin holders
- Ethical limitations, In addition to large technology companies (such as Meta, Google) and individuals such as Elon Musk from publishing Stablecoins
These additions are intended to win support from cautious legislators and to ensure that the bill is in line with the protection of investors and goals of national security.
Stablecoin Market: a $ 246 billion sector is waiting for regulations
The timing is crucial. The global Stablecoin market is now worth more than $ 246 billionof Tether’s USDT ($ 151b) And Circle’s USDC ($ 61b) lead. These tokens, coupled 1: 1 with Fiat -Maluta, are essential for traders, institutions and fintech -innovators.
Use scenarios grow fast. Mastercards Partnership with MoonPay is capable of Stablecoin payments for 150 million traders worldwide– Food the need for regulations.
Senator Hagerty argues that the brilliant law would be:
- Cement de The dominance of the US dollar in the digital economy
- Increase Ask for American treasury
- Encourage fintech innovation to stay within American boundaries
Can the brilliant action pass?
To succeed, the Senate requires 60 votes. Without May 17, 2025The Kamermake -Up is:
- Democrats (including Independent): 51 seats
- Republicans: 49 seats
Without a party that has a filibuster-proof majority, the success depends on the bill two -part cooperation. If 9–11 reverse moderate Democrats or Republicans, the brilliant law can be a Historical milestone For crypto.
Credit : coinpedia.org
