U.S. Senate Majority Leader John Thune announced that a critical procedural vote on the historic GENIUS Act regulating stablecoins will take place on Wednesday.
According to Bloomberg, Thune filed for a joint amendment to the bill known as the GENIUS Act, or the Guidance and Establishment of National Innovations for U.S. Stablecoins Act, on Monday. This development is seen as a critical step that could pave the way for the bill's final approval.
In the last procedural vote held last month, the decision was made to open discussion on the bill with a vote of 66 to 32, which generated significant resonance in the cryptocurrency world. Experts characterized this move as a 'historic' development that reinforces the dominance of the U.S. dollar in the global financial system.
The GENIUS Act requires organizations issuing stablecoins to fully back their coins with U.S. dollars or similar highly liquid assets. Additionally, for issuers with a market capitalization of over $50 billion, annual independent audits are mandated. Particularly, the new rules for foreign issuers require the presence of technological infrastructure capable of executing operations such as freezing assets related to crimes, in accordance with legal requirements.
Bitwise Chief Financial Officer Matt Hougan stated after last month's vote: 'Policymakers in Washington have taken the right step. I don't want to celebrate the outcome too early, but we can say that by summer the U.S. will have its first comprehensive cryptocurrency law,' he said.
