A bill designed to overhaul the regulation of Stablecoin in the US has stopped the Senate amid partisan negotiations.
Senator Bill Hagerty (R-TN) introduced the guide and establishment of national innovation for the US Stablecoins (Genius) Act in February.
The potential law will require StableCoin readers to maintain backing for their possessions in a 1: 1 ratio. The bill also states that Stablecoin issues reserves may consist of US money; funds held as deposits of demand or insured sharing at an insured deposit institution; and bills, notes or bonds.
A group of Democrats, including several lawmakers who previously supported the Committee law, announced This weekend they want to pass the new Stablecoin law but believe that the Genius Act still has the remaining issues.
“The bill currently standing has still many issues to address, including the addition of stronger provisions to anti-money laundering, foreigners, national security, maintaining the safety and well-being of our financial system, and responsibility for those who do not meet the requirements of the law.”
One of the Democrats, the Pro-Crypto Senator Ruben Gallego (D-Az), Says On Thursday there were some significant bipartisan discussions on the bill this week, but he argued that lawmakers needed more time to perfect potential law.
“I went to the floor and asked for more time to settle down, without delaying the timeline of the bill for the final lane. Republicans refused. Without time to at least finish the text of the bill, there was no real bipartisan path.
“I am always willing to continue working with Bipartisan Stablecoin law. America should lead to this space and consumers deserve to be protected.”
The Genius Act faced a cloture vote on Thursday and acquired Shot by a vote of 48-49. Cloture votes, which require 60 “Yeas” to be passed, end the debate on bills and avoid filibusters.
Kristin Smith, Chief Executive of Blockchain Association, DUNIKOKOK The debate on the bill to proceed.
“We look forward to the next steps in this process and continue with the discussion of the bipartisan.”
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