The Senate schedules a vote on the GENIUS Act, advancing efforts to regulate U.S. stablecoins.
The bill has received mixed reactions, with some calling it strict oversight, while others argue it is consumer protection.
After months of uncertainty and delays, the U.S. Senate is finally moving towards decisive action on stablecoin legislation.
Progress of the GENIUS Act
The GENIUS Act is highly anticipated, having previously faced the risk of being shelved, is now moving towards a crucial cloture vote on May 19.
John Thune, the Republican Majority Leader from South Dakota, has officially initiated this process, marking an important step in shaping how the nation oversees stablecoins.
This innovation has attracted national attention. Journalist Eleanor Terrett confirmed the official voting time on X (formerly Twitter), where she stated,
"[John Thune] has filed cloture for the GENIUS Act again with a vote scheduled for Monday evening."
Mixed community reactions
As expected, the news has generated excitement in the cryptocurrency community.
For instance, Senator Kirsten Gillibrand acknowledged the positive response, noting strong support for the Senate's move.
"I believe that implementing strict regulations on stablecoins and consumer protections, where none currently exist, is essential for the future of the U.S. economy and everyday citizens."
However, not everyone shares the same view, as highlighted by DOGEai,
"The real value of this bill lies in extinguishing the bureaucratic stagnation that allowed unregulated stablecoins to grow under Biden's oversight."
AI automation also added,
"This is not about embracing cryptocurrency – it is about imposing order on chaos. The alternative is taxpayer-funded bailouts when the next stablecoin houses collapse."
Information about the GENIUS Act
To clarify, Senator Bill Hagerty introduced the GENIUS Act, generating both support and controversy as it moves toward a crucial Senate vote.
The bill establishes a clear legal framework for stablecoin issuers in the U.S., defining strict requirements for licensing, asset reserves, and transparency.
It requires the Federal Reserve to oversee issuers with assets over $10 billion, while state regulators oversee smaller entities.
Therefore, the bill requires all stablecoins to maintain their value with safe assets such as the USD or government bonds.
Many supporters see this as a step forward in financial innovation and maintaining the USD's dominance in the digital market.
However, critics like Senator Elizabeth Warren and Jeff Merkley have condemned it as aiding what they call Trump's "corrupt cryptocurrency empire."
In fact, the House has already passed a similar bill, the STABLE Act, aimed at protecting consumers and enhancing regulatory oversight of all USD-backed stablecoins, including major tokens like USDT and USDC.
However, lawmakers have yet to finalize major amendments to the GENIUS Act, leaving its future uncertain despite legislative momentum.
Source: https://tintucbitcoin.com/stablecoin-genius-act-la-buoc-ngoat-hay-kiem-soat/
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