The #GENIUS Act, prepared for stablecoins in the US, has been brought back to the Senate agenda with amendments. The bill, which passed the critical threshold with the support of Democrats, is now one step closer to Trump's signature.
What will the GENIUS Act bring to the crypto market?
The discussion of the crypto asset law, which created excitement in the US, was recently rejected by 49 to 48 votes. This bill was designed for stablecoins indexed to the #US dollar. Over time, this draft text was changed and brought back to the Senate. As a result, it has reached the point of being put on the Senate agenda by receiving the necessary votes. If the Senate deems it appropriate, the next step will be Trump's signature.
So how did the Democrats change their views?
According to news in the US press, provisions regarding the prevention of money laundering, foreign issuers, national security measures, consumer protection and the security and stability of the financial system have been strengthened. Not only these, it is also said that Democrats have received assurances from Republicans on some important issues. These issues include restricting stablecoin issuance by major tech companies, expanding bans on interest-bearing stablecoins, and comprehensive provisions to enforce existing federal consumer protection laws such as the Consumer Financial Protection Authority and the Federal Trade Commission.
Behind the scenes before the vote
It was clear that the bill needed Democratic support to pass the necessary vote threshold. However, despite this update, it was also known that some Democrats were still upset with the bill. The reason for this reaction was that the bill did not include a provision targeting the Trump familyâs cryptocurrency investments, and this omission caused great concern, especially among some on the left.
US Democratic Senator Warren made it clear that the bill in its current form would fuel Trumpâs crypto corruption. Following this striking statement, it was stated that the bill does not protect consumers, covers up serious flaws that endanger national security, and includes symbolic provisions that attempt to hide these flaws.
Are Trump and his family speculators?
There have been claims at different times that Trump and his family have made high income from cryptocurrencies and acted in contradictory ways. So what are the events underlying these claims?
Trump's former presidency, calling Bitcoin and the great decline "fraud", his crypto promises in the new presidential race and his crypto activities during his new presidency
Millions of income earned with the NFT collection called Trump Digital Trading Cards
While some crypto assets are being sold, purchase messages are being given on social media
In fact, such activities have been known and carried out since the invention of money. It is not for nothing that not everyone can give financial advice in the financial markets and that the financial markets are so tightly controlled. For example, in the ancient city of Aizonoi in KĂŒtahya, there is the world's first stock exchange and the emperor's orders next to the stock exchange. Even in these orders, there are rules regarding the operation of the stock exchange. One of these is to prevent manipulation.
Someone who manipulates - whether Trump or Caesar - is neither the fault of Bitcoin nor the grain in Aizonoi. Everyone manipulates, what matters is the value in question.
Post-vote status
The GENIUS Act has gained the right to be debated and finally voted on in the Senate as a result of the vote. If the Senate votes in favor at this stage and Trump signs the law, this law will provide a regulatory framework for stablecoins.
What does the GENIUS Act bring?
Only authorized companies will be able to issue stablecoins.
Issuers will be supervised by public authorities at the federal and state levels.
Issuers must back stablecoins one-on-one. In other words, if the issuer issues a ten-dollar stablecoin, it will be required to have ten dollars in its coffers.
Issuing companies will regularly publicize the status of their reserves.
Issuers will be divided into federal and state levels.
The procedures and principles for auditing, investigating and sanctioning issuers will be determined.
The above rules are some of the basic rules discussed. Apart from these, the GENIUS Act also covers various issues such as consumer protection, marketing methods, ethical principles that company executives must follow, and the use of stablecoins in payments.