A critical day is approaching for these coins in the U.S.: The vote will take place on Wednesday!

The U.S. Senate Majority Leader, John Thune, announced that a critical procedural vote will be held for the historic GENIUS Act that regulates stablecoins on Wednesday.

According to a Bloomberg report, Thune filed a closure request for the bill known as the GENIUS Act, which stands for Guiding and Establishing National Innovation for U.S. Stablecoins Act, and for two joint amendments from both parties. This development is considered a crucial step that could pave the way for the final acceptance of the bill.

In the first procedural vote held last month, it was decided to open debate on the bill with 66 votes in favor and 32 against, and this development generated significant buzz in the cryptocurrency world. Experts interpreted this step as a "historic" development aimed at strengthening the dominance of the U.S. dollar in the global financial system.

The GENIUS Act requires entities that issue stablecoins to fully back their coins in the market with U.S. dollars or similar high-liquidity assets. It also provides for annual independent audits for issuers whose market value exceeds $50 billion. In particular, the new rules aimed at foreign issuers require having the necessary technological infrastructure to carry out operations such as freezing assets related to crimes, according to legal demands.

Matt Hougan, CIO of Bitwise, stated after last month's vote: “Politicians in Washington have taken the right step. I don't want to celebrate the outcome too soon, but we can say that the U.S. will have its first comprehensive cryptocurrency law by summer,” he said.$ETH $BTC $XRP