The US Senate is going to vote on Wednesday for Genius Stabilcoin law
The US Senate is preparing to vote for the Genius Stabilcoin regulatory law on June 12th. The law includes full reserve support of stabilcoins, annual inspections and compliance obligations for foreign exporters. If the law is adopted, the US may be the first comprehensive crypto law.
The US Senate is preparing for a key vote on this Wednesday for the Law on the Comprehensive GENIUS ACT (Guiding and Establishing National Innovation for U.S. Stablecoins), which aims to regulate the stabilcoin market. According to Bloomberg, the Senate majority leader John Thunene launched the CLOTURE process for a bill on Monday and a two -party change added to it. This step accelerates the legislative process by limiting the pre -voting debates.
🔎 What is expected in the vote?
Last month, Cloture was accepted by 66-32 votes, which shows the Senate’s determination to end the debate on the law and to vote. At least 60 votes will be required to pass the law in the vote this week.
If the law is adopted, for the first time in the USA, a clear and comprehensive regulatory framework for the stabilcoin field will enter into force.
💵 What does the law contain?
GENIUS ACT covers the following important arrangements:
Full Reserve Requirement: All stabilcoins will have to be supported by 100 %of US dollars or similar high liquidity assets.
Annual Audit: Mandatory independent audit requirement will be introduced for exporters over 50 billion dollars.
Foreign Exporters: Exporters outside the United States must have the capacity to technically respond to the “ice cream and confiscation” demands from judicial authorities to prevent illegal transactions.
🗣️ What does the market say?
Bitwise CIO Matt Hougan evaluated the Cloture vote last month with the following words:
“The politicians in Washington have taken the right step. It may be early to declare victory, but in the summer it is very strong that the US will have the first real crypto law.”
The law may also contribute to the preservation of the global reserve money status in the digital age of the US dollar.
The adoption of Genius Act this week will be a historical turning point not only for the US but also for global crypto arrangements. The law, which clarifies the compliance obligations of stabilcoin exporters, can promote confidence and regulation -based growth in the market.
