The U.S. is approaching a critical day for these coins: the vote will take place on Wednesday!
U.S. Senate Majority Leader John Tun announced that a critical procedural vote on the historic GENIUS Act regulating stablecoins will take place on Wednesday.
According to Bloomberg, Tun submitted a request on Monday to close a joint amendment to the bill known as the GENIUS Act, or the Act on Guidance and Establishing National Innovation for U.S. Stablecoins. This development is considered a critical step that could pave the way for the final adoption of the bill.
In the last procedural vote held last month, it was decided to open discussion on the bill with a vote of 66 to 32, which caused a significant stir in the cryptocurrency world. Experts characterized this step as a "historic" development that strengthens 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 high-liquidity assets. Additionally, for issuers with a market capitalization over $50 billion, annual independent audits are mandated. Notably, the new rules for foreign issuers require the presence of technological infrastructure capable of performing operations such as freezing assets related to crimes, in accordance with legal requirements.
Bitwise CFO 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 soon, but we can say that by summer the U.S. will have its first comprehensive cryptocurrency legislation," he said.
