Plans for smooth sailing regulating fresh stability are to withdraw their support after the decision of the congress men. US Senators reject the Genius Act in their current form, which can be pulled off by the results of the final vote.
10 US Senators are not voting in favor of the Genius Act
According to X post The author of the cryptocurrency journalist Eleanor Terrett, author, a group of US senators, drives holes for the US stable (Genius Act) for his settings with holes and creates a national innovation. Senators led by Ruben Gallego have issued a joint statement criticizing the updated text of the stable regulation.
According to Congress men, the Genius Act requires stricter provisions on anti -money laundering and national security. In addition, the group requires additional provisions to protect the local financial ecosystem against excessive disorders.
Senators raise concerns about the lack of clarity of foreign stable issuers and the potential threat of national security. Finally, a joint statement takes for issuers who do not meet the standards of the Genius Act, in the absence of a rigid sentence.
The previous Coingape report states that US senators vote in favor of the Genius Act before May 26. However, the Senators will not vote in the current form, unless the provisions are not changed.
“Although we continue to work with our colleagues to deal with these problems, we could not vote if the current version of the bill reaches the floor.
Stablecoin issuers may face interference with these conformity plans
Although the Genius law seemed to be a complete approval, a joint statement by the group of senators did complex things. To begin with, there is a possibility that disagreements may increase by potentially affecting the results of the vote and triggering the delay.
Bo Hines has previously predicted the introduction of Stablecoin regulation before June, but a fresh disagreement may extend its passage. If the bill does not take over the voice of the house, the new changes have been reviewed after the fresh changes.
Stablein issues are the most severe blow, the delay affects their short -term and intermediate plans. In front of the incoming Stablecoin, Teter has disclosed the plan to release US users stable by going to the head with USD1 Stablecoin.
During the lack of regulatory clarity, Ripple Rlusd Stablecoin has taken a break after the $ 300 million market capitalization label. The delay in the timeline of the Genius Act affects the list of WLF USD1 Stablecoin on centralized stock exchanges.
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Aliyu Pokka is an experienced journalist for cryptocurrency and evolving technology, who has part of the needle-moving stories in space. Aliyu offers news stories, regulatory updates and thorough analysis with thorough and accuracy. If he does not overcome the charts or follows, Aliyu will enjoy playing bass guitar, weightlifting and marathon run.
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